A new era has begun for private bank Brown Shipley after it was taken over by Precision Capital.
Luxembourg-based firm Precision Capital, which reperesents the interests of a group of Qatari private investors, has completed a €1 billion acquisition of private bank network KBL, the parent firm of Brown Shipley which has an office on Church Street, Birmingham.
The deal sees Precision take on 99.9 per cent ownership of KBL, which has a branch network spread across Europe.
The acquisition has been in the pipeline since 2010, however today it was finally given the seal of approval from regulators.
Jacques Peters, chief executive officer of KBL, said the new majority shareholder is a welcome addition and was committed to supporting the network’s existing business model and strategy.
He said: “I am very pleased with the conclusion of this agreement and the significant opportunities it represents for KBL epb. With the support of Precision Capital, we are strengthening our stability and our unique business model based on a network of local private banks.
“While looking to offer our specific approach to new customers in emerging markets, we will continue to safeguard the future of our staff and to provide our existing customers with the quality service they are accustomed to. The support of Precision Capital will enable us to reinforce our strong competitive edge in the dynamic and demanding international private banking market.”
George Nasra, chief executive of Precision Capital: “I am very pleased with our acquisition of KBL epb, a solid, solvent and well-established European banking group. We are going to support its development, not only in the European markets in which its reputation for excellence is already well known, but outside Europe as well.”