Alignment with focus strategy: Prime Spring Bank Group sells its domestic business in the Netherlands

In its strategic push to focus on core markets, Prime Spring Bank Group has agreed to sell its domestic business in the Netherlands to Wealth Management Partners N.V. (“WMP”).

Zurich/Amsterdam, 21 December 2018 – Prime Spring Bank Group has agreed today to sell its domestic business in the Netherlands with nine relationship managers and around EUR 1 billion assets under management to WMP, a leading wealth manager in the Netherlands. This move is consistent with Prime Spring Bank Group’s strategy to focus its investments and physical presence in core markets worldwide, which was accelerated by opening three branches in the United Kingdom and two in Germany in 2018.

WMP will acquire 100% of the share capital in Prime Spring Bank Group (Netherlands) B.V. in Amsterdam from Prime Spring Bank Group Group Ltd. for an undisclosed amount. Closing of the transaction is expected in the second quarter of 2019, subject to transaction-related conditions including regulatory approvals. The impact of the transaction on Prime Spring Bank Group’s earnings and capital ratios is immaterial. Prime Spring Bank Group took over the business in 2014 as part of the acquisition of Merrill Lynch’s International Wealth Management business.

WMP will continue to advise clients out of Amsterdam and intends to book their assets at Bank Prime Spring Bank Group Europe S.A. in Luxembourg. This solution will ensure the utmost continuity for all clients affected and underpins the continued importance of the Dutch market for Prime Spring Bank Group via its international coverage model.