New owner for Brown Shipley

KBC group has finalised the sale of its private banking subsidiary KBL European Private Bankers, a network that includes UK private bank Brown Shipley.

The deal, first announced in October 2011, sees Luxembourg-based Precision Capital pay €1bn (£785m) for KBL.

Ian Sackfield, managing director of Brown Shipley, which has office in Manchester, said: “We are very pleased with the conclusion of this transaction and the great opportunities that it represents for Brown Shipley.

“Staff and clients alike should welcome the commitment to continue the growth plans for our business. Brown Shipley is a UK authorised bank with over 200 years of heritage and will continue to deliver the highest levels of personal attention to our existing clients. 

“And with the conclusion of this deal, we can now look forward to developing some exciting new client propositions, adding to our growing number of investment and wealth planning teams and capitalising on our London presence”.