Cleary Gottlieb is representing Petercam and its shareholders in its proposed business combination, announced today, with Banque Degroof. Petercam and Degroof are two leading independent Belgian financial institutions, both active in private banking, institutional asset management, and corporate finance. The combined group will have €47 billion in assets under management (AuM) and be the third largest private bank in Belgium; it also has activities in France, Spain, Luxembourg and Switzerland.
The parties have executed a detailed Memorandum of Understanding and will now engage in due diligence and in the drafting and negotiation of definitive transaction documents. Closing will be subject to regulatory approvals in the relevant jurisdictions and is currently expected by June 30.
