ABN AMRO has agreed to acquire Bank Corluy from its current shareholders, the founding Corluy family, some families related to them and Mercator Verzekeringen.
The acquisition of Bank Corluy, marks a step forward in ABN AMRO’s efforts to strengthen its private banking position in Belgium. In addition to a solid operating platform, Bank Corluy, which dates back to 1919, provides complementary local product capabilities and an attractive client franchise.
Marc Corluy, Chairman of the Managing Board of Bank Corluy, will join the Supervisory Board of the combined private banking entity. Luc Corluy, Managing Director of the bank, will continue to be member of Managing Board as Chief Operating Officer. The Managing Board will be chaired by Koen Iserbyt, Head of ABN AMRO Private Banking Belgium.
The transaction is expected to be completed in the second quarter of 2005. Financial details of the transaction will not be disclosed.