Renell Bank silent on Merit Capital’s demise
Frankfurt-based Renell Bank AG, which publicly announced the acquisition of Belgium’s Merit Capital last October, remained silent on Monday on the demise of the Antwerp-based brokerage firm whose trading licence is being revoked.
Marc Renell, CEO of the German private bank, told Investment Officer that he is unable to comment. “I cannot speak about this topic. Go ask Merit in Antwerp,” he said when answering the bank’s general number listed on its website, before hanging up the phone.
Antwerp asset manager Merit loses brokerage licence
Antwerp-based asset manager Merit Capital will lose its Belgian brokerage licence, according to a judgement by Belgium’s Council of State published on 26 April. Merit Capital has been struggling for years with its governance model and profitability. Having its license revoked casts a cloud over its arrangement with Frankfurt-based Renell Bank, which announced in October it had agreed to acquire Merit subject to conditions.