Belgian private bank Puilaetco Dewaay has entered into an agreement with UBS to acquire the Swiss bank’s operations in Belgium.

UBS Belgium manages over €3bn in assets, counts roughly 2,500 clients and employs 60 staff, including 20 private bankers. Combining the two Belgian businesses, the new entity will manage more than €10bn in assets and serve nearly 10,000 clients, the private bank said in a statement.

The combined business will operate under the brand name Puilaetco Dewaay Private Bankers and will focus on providing long-term, personalised wealth management services and open architecture investment solutions for its high-net-worth individual clients.

Puilaetco Dewaay’s parent, KBL European Private Bankers (KBL), reported a net profit of €50m for the first half of 2014, up more than 19% compared with the same period last year.

SRP’s Belgian database lists 84 structured notes worth €360m which were distributed by Puilaetco Dewaay. Of these, 20 structured notes with sales of €106m are currently still live. The private bank uses a wide range of counterparties, including Barclays, BNP Paribas, ING, Natixis and Société Générale. UBS has not been active in Belgium’s structured products market since 2012. The Swiss bank issued 11 structured notes with a sales volume of €192m between 2006 and 2012. The majority of these products were distributed via Deutsche Bank Belgium, while BNP Paribas and Kobelco Luxembourg were also among the distributors. Puilaetco Dewaay will manage and service the nine live structures issued by UBS in Belgium.

Luxembourg-based mother-company KBL is also an active distributor of structured products. The private bank, which operates in some 50 cities across Europe, currently has 112 live structured products listed on SRP’s Luxembourg database with an outstanding sales volume of €495m.

Puilaetco Dewaay did not disclose the terms of the acquisition, which is subject to regulatory approvals and is expected to close in the first half of next year.

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