Quintet Private Bank, which is headquartered in Luxembourg, announced today its intention to merge the majority of its European subsidiaries (subject to approval by the relevant regulatory authorities) to support the execution of its ambitious long-term growth strategy.
The firm intends to merge its subsidiaries in Belgium (Puilaetco), Germany (Merck Finck) and the Netherlands (InsingerGilissen) into Quintet Private Bank. Together with the firm’s other businesses in Europe, including Quintet Luxembourg, Puilaetco Luxembourg and its branch in Spain, they will form a single business unit, known as “Quintet Europe.”
Quintet Switzerland and Brown Shipley, the firm’s UK affiliate, will continue to operate as subsidiaries of Quintet Private Bank, which will remain headquartered in Luxembourg.
Quintet’s Authorized Management Committee, led by Group CEO Jakob Stott, will continue to be responsible for overall group strategy and the oversight of the firm’s three core organisations in Europe, Switzerland and the UK.
Quintet aims to introduce its new organisational structure early next year. The management team that will lead Quintet Europe will be announced in due course.
“The introduction of Quintet Europe will allow us to spend more time focused on the individuals and families we serve, while reducing organisational complexity and increasing operational efficiency,” said Jakob Stott. “Our clients will benefit from shorter lines of communication, more rapid decision-making and faster service. They will also benefit from a one-bank approach, delivered by a single larger bank rather than several smaller subsidiaries".
Mr Stott continued: “We will seamlessly draw upon our shared expertise, regardless of where in Europe our experts serve – reflecting our culture of partnership, where we are all focused on earning our clients’ trust. Consequently, our clients will benefit from more efficient access to liquidity to fund their future, ideas that will make their wealth grow and experts who will guide them”.
Noting that those European subsidiaries that will participate in the legal merger will continue to operate under their local management and brand names, he concluded: “All our clients will continue to be served by the banks and brands they know and by the people they trust. Such relationships will remain deeply personal – and Quintet will become a better bank for its clients and people”.