Often, the divide between such operations is hard to distinguish as client and product sophistication evolves. The Banker’s judges believe it is fair to acknowledge Kredietbank’s outstanding growth, despite its operations being traditionally classified as pure play private banking.
The bank’s profits grew by more than 200% and shareholders had a very healthy 45% RoE, facilitated by the sale of Banco Urquijo to Banco Sabadel. The bank embarked on significant acquisitions – Theodoor Gilissen and Dewaay – and has invested in state-of-the-art technology for all its subsidiaries.
“For 15 years, our group has been developing a European network of ‘pure play’ private bankers in the major countries of western Europe,” says Etienne Verwilghen, chairman of the executive committee. “Each is entrusted with offering personal services through the well-known private bank ‘shops’. In the future, KBL European Private Bankers is intending to secure its expansion, both through organic growth and by the contribution of new members attracted by the dynamics of our project.
“Thanks to the synergies already in place, our network will experience sustained expansion and we are encouraged in this by our nomination as Bank of the Year for Luxembourg.”
