Quintet Private Bank announced today its intention to merge the majority of its European subsidiaries – subject to approval by the relevant regulatory authorities – to support the execution of its ambitious long-term growth strategy.
The firm intends to merge its subsidiaries in Belgium (Puilaetco), Germany (Merck Finck) and the Netherlands (InsingerGilissen) into Quintet Private Bank. Together with the firm’s other businesses in Europe – including Quintet Luxembourg, Puilaetco Luxembourg and its branch in Spain – they will form a single business unit, known as “Quintet Europe.”
Quintet Switzerland and Brown Shipley, the firm’s UK affiliate, will continue to operate as subsidiaries of Quintet Private Bank, which will remain headquartered in Luxembourg.
Quintet’s Authorized Management Committee, led by Group CEO Jakob Stott, will continue to be responsible for overall group strategy and the oversight of the firm’s three core organizations in Europe, Switzerland and the UK.
Quintet aims to introduce its new organizational structure early next year. The management team that will lead Quintet Europe will be announced in due course.
“The introduction of Quintet Europe will allow us to spend more time focused on the individuals and families we serve, while reducing organizational complexity and increasing operational efficiency,” said Stott.
“Our clients will benefit from shorter lines of communication, more rapid decision-making and faster service. They will also benefit from a one-bank approach, delivered by a single larger bank rather than several smaller subsidiaries.
“We will seamlessly draw upon our shared expertise, regardless of where in Europe our experts serve – reflecting our culture of partnership, where we are all focused on earning our clients’ trust,” he added. “Consequently, our clients will benefit from more efficient access to liquidity to fund their future, ideas that will make their wealth grow and experts who will guide them.”
Noting that those European subsidiaries that will participate in the legal merger will continue to operate under their local management and brand names, Stott concluded: “All our clients will continue to be served by the banks and brands they know and by the people they trust. Such relationships will remain deeply personal – and Quintet will become a better bank for its clients and people.”
Quintet Private Bank (Europe) S.A., founded in 1949, is headquartered in Luxembourg and operates in 50 cities across Europe, staffed by 2,000 professionals. Widely recognized as a private banking leader, Quintet serves wealthy individuals and their families, as well as a broad range of institutional and professional clients, including family offices, foundations and external asset managers.
Quintet’s family of private banks includes:
For further information, please visit: www.quintet.com
For further information, please contact:
Group Head of Corporate Communications
Quintet Private Bank
43, boulevard Royal
+352 4797 2065