France's BPCE to acquire Nagelmackers, Belgium's oldest bank
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BRUSSELS, July 22 (Reuters) -Caisse d’Epargne Hauts de France, which is part of France's BPCE banking group, has signed an agreement with China's DajiaInsurance group to acquire 100% of Bank Nagelmackers, which is Belgium's oldest bank.
BPCE on Monday gave no financial details for the transaction, which is expected to close inthe fourth quarter, subject to regulatory and competition authorities' approval.
Founded in 1747, Nagelmackers has seen a string of ownership changes in the past two decades. It was sold to China's Anbang in 2014, which transferred it to Dajia as part of a state-led restructuring of Anbang.
Nagelmackers has staff of 400 and 50 sales points across Belgium. It manages 4.8 billion euros ($5.2 billion) worth of assets and has 110,000 individual customers, mainly private individuals.
BPCE said the proposed acquisition will accelerate the development of the Caisse d'Epargne Hauts de France, a cooperative bank which operates north of Paris and had 2023 revenues of 665 million euros. It has been present in Belgium for 10 years via its Caisse d'Epargne Belgium branch, dedicated to large Belgian companies and real estate operators.
BPCE said the proposed acquisition is in line with BPCE's "Vision 2030" strategic plan to expand in Europe and diversify its revenues.
Belgian financial daily De Tijd, which broke news of the deal, reported that Belgian state bank Belfius had also considered buying Nagelmackers in a bid to boost its wealth management business.
Last year, Degroof Petercam, another top Belgian wealth management firm, was bought by France's Credit Agricole.
Unlisted BPCE, which employs 100,000 people, operates the Banque Populaire and Caisse d’Epargne networks and provides wealth management services via Natixis Investment Managers.
($1 = 0.9188 euros)
Reporting by Geert De Clercq
Editing by Bernadette Baum
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