The definitive agreement pertaining to the merger of Degroof Bank and the Petercam financial group was signed this Wednesday following the successful completion of due diligence which began after the MoU (Memorandum of Understanding) on January 19th 2015. This information was issued in a press release by the two companies.
“With over 50 billion euros worth of assets under management, this new entity becomes the independent financial institution of reference in Belgium, among the leaders in its three core businesses (private banking, institutional management and investment banking) and also a leading player in Europe,” they said. “The two companies will become one via a merger involving the transfer of all Petercam’s assets and liabilities over to the legeal entity that is Degroof Bank. This will enable the newly-formed group to keep its banking licence,” the statement announced.
The two parties are to hold a press conference on Petercam premises on Thursday afternoon.