Ackermans & van Haaren Delen Private Bank acquires Dutch Servatus Vermogensmanagement

Delen Private Bank has reached an agreement with the shareholders of Servatus Vermogensmanagement to acquire 100% of the company. This acquisition aligns with Delen Private Bank's growth strategy in the Netherlands, aiming to strengthen its position as an independent player in the Dutch private banking market. Servatus manages more than €700m in assets – post transaction completion, the private banking division's Dutch AuM will cross €4.0b. This marks a significant rise from ~€1.4m at FY23-end. With a required starting capital of €1m, Servatus caters to affluent clients, much like Delen Private Bank. We see the accelerated pace of acquisitions as a strong move in capturing market share in the rapidly consolidating Dutch private banking sector. Additionally, we think that affluent client base of AvH's private banking division to is highly ‘sticky', making it relatively easier to up-sell other product offerings that could help generate a higher fee income. We reiterate our BUY rating and €236.0 TP.