Degroof and Petercam Luxembourg Merger
Friday, April 1, 2016 —
Banque Degroof Petercam Luxembourg sees the light of day.
The merger of the two firms comes into effect this Friday.
With the two parent companies having already merged on October 1, 2015, this final step completes the creation of the new Banque Degroof Petercam in Luxembourg.
All under one roof
This Monday April 4 some 329 staff members are going to come together under the same roof at no. 12 rue Eugène Ruppert in the Cloche d'Or district.
Petercam, whose Luxembourg subsidiary dates back to 1985, initially specialised in private management. In the early 2000s, the group transferred the management of its range of bond funds to Luxembourg and in 2014 created its own institutional management company, Petercam Institutional Asset Management (Luxembourg) SA
Petercam Luxembourg, located at 1 A rue Pierre d'Aspelt, in Luxembourg City, will see its 36 employees move to the Banque Degroof premises.
For Banque Degroof Luxembourg, it was in 1987 that the first sign was hung out on the front of its 1 Place d’Armes address.
At the time, the first team on the site numbered four employees.
The current site, which is owned by the bank, has been occupied by the bank since handover of the building in summer 2003.
Now, as it prepares to celebrate its 30 years in Luxembourg and the Group’s 145th year in existence, Degroof Petercam Luxembourg is showing off its new colours with pride and ambition.
The merger is perfectly in line with growth of the group in which the Luxembourg entity plays a vital role.
As Philippe Masset, Degroof Petercam’s CEO, says:
"We are delighted that our business and our presence are being bolstered by this merging of our teams. We will not necessarily be going out in new directions but rather continuing on our present course, firmly believing that our independence model will last.
Fund administration is a core business for the new Degroof Petercam Luxembourg entity. We have two growth objectives for this business line. Firstly, to promote this business to the maximum ahead of all the internal activities in the group merged today. Similarly, we will be building on an external growth strategy vis-à-vis our local clients but also internationally throughout Europe."
In Private Banking, development will continue with the organisation of hubs for certain types of services that take advantage of the country's stability and local business sense.
As for Merchant Banking finally, we already have many successes to our credit but we have no intention of resting on our laurels. The country has numerous family businesses and the added value that the bank can bring with its independent advice is sure to attract this clientele.
The Group is currently working on a multifaceted digital future plan, while retaining its model of independent bank with high value added in specific business lines based on customer relations.
This sustainable model must show its worth in an environment undergoing revolution.
Three months ago, the Group launched a project that will take several years and which will involve a major investment effort over 3 years.
It goes without saying that these new tools will not replace the model of proximity to our customers.
This human interaction remains central to the relationship; a screen can never completely replace the relationship manager.
By the end of the first week of April, the building at 12 rue Eugène Ruppert will be sporting the new colours of the Degroof Petercam S.A. bank.