French banking group to acquire Belgium’s oldest bank, Nagelmackers

Belgium’s oldest bank, Nagelmackers, is being acquired by regional cooperative bank Caisse d’Epargne Hauts de France, the banking group has announced.

The French group’s statement followed its signing of an agreement with Dajia Insurance Group to acquire 100% of the shares of Nagelmackers.

Founded in 1747, the private bank had been in the hands of the Chinese insurance company since 2015, following Dajia Insurance Group’s takeover of Delta Lloyd Bank with which Nagelmackers had merged in 2005.

The new French owner, Caisse d'Epargne Hauts de France, belongs to BPCE, the second largest banking group in France.

“The proposed acquisition of Nagelmackers is a major milestone in our pragmatic and entrepreneurial development in Belgium where we have been operating for the last 10 years,” said CEO Laurent Roubin.

“We wish to preserve Nagelmackers’ know-how, corporate culture and brand which have contributed to its success and reputation, while providing the necessary financial, technical and human resources to accelerate its development,” he added.