Following the acquisition of Banque d’Orsay, financial services group Oddo & Cie has entered into exclusive negotiations to acquire Banque Robeco, Groupe Robeco’s private banking arm.
"The effectiveness of our asset management and the satisfaction with our services expressed by our clients in a recent survey have encouraged us to develop further in the private banking domain, the group’s traditional core business. The momentum of Banque Robeco’s teams and the complementary offer they bring are highly promising in terms of our joint ambitions," says Philippe Oddo, managing partner of Oddo.
Roderick Munsters, chief executive of Groupe Robeco, says: "We have chosen to refocus our activities on asset management and we are delighted that the private banking arm will continue to develop in France thanks to the experience and prominence of a group such as Oddo & Cie. Groupe Robeco continues to consider France as a strategic market for its global and local asset management activities and the marketing of these services to institutional investors and large corporate groups."
The acquisition is part of a growth strategy for Oddo’s private banking and back-office activities of life insurance products.
Banque Robeco’s current EUR1.3bn in assets under management will be combined with Oddo Banque Privée’s EUR3.7bn.
The transaction is expected to be completed in Q2 2011 and is subject to approval from regulatory authorities.
