In April 2016 BNP Paribas agreed to sell to KBL European Private Bankers S.A. (“KBL”) the business of Bank Insinger de Beaufort N.V. (“IdB”) and that transaction completed on 31 December 2016. As a result it is now intended that on 1 December 2017 the activities of the London branch of IdB should be transferred to Brown Shipley & Co Limited (“Brown Shipley”), a wholly owned bank and wealth management business that is part of the KBL group.
The move to Brown Shipley will provide clients with a bespoke personal service, where we endeavour to maximise, preserve and enhance the wealth of an individual today, tomorrow and for future generations. Complemented by modern and innovative thinking, Brown Shipley will provide individual solutions to help clients achieve their ambitions.
The transfer to Brown Shipley will be accomplished using a procedure that involves the approval of the Court in the UK and of the regulators both in the UK and the Netherlands. For this purpose an application will be made jointly by IdB and Brown Shipley to the High Court of England and Wales under Part VII of the Financial Services and Markets Act 2000. The hearing to sanction the transfer will take place on 12 October 2017 at the Royal Courts of Justice, Strand, London, WC2A 2LL England.
There are some important points that we need to draw to your attention and below are links to the scheme documents and “Frequently Asked Questions” which we hope will assist you in understanding how the procedure works and what it means for you. Your existing relationship manager is also on hand to answer any queries you may have.
Part VII Court Hearing - 12 October 2017
IN THE HIGH COURT OF JUSTICE – INSOLVENCY AND COMPANIES
The Rolls Buildings
Court 11 Before HHJ Barker QC
Thursday 12 October 2017
11:30 AM Scheme of Arrangement
CR-2017-005228 Bank Insinger De Beaufort N.V.