The parent company of UK private bank Brown Shipley will expand its footprint in the Netherlands with the acquisition.

Luxembourg-headquartered KBL European Private Bankers, which owns Brown Shipley, has agreed to acquire Insinger de Beaufort, a Netherlands-based private bank, from BNP Paribas Wealth Management. 

Following the acquisition, which is subject to regulatory approval, Insinger de Beaufort will merge with KBL’s local operation Theodoor Gilissen, another Dutch private bank, to create an entity with over €20 billion ($23 billion) of assets under management. This will be the largest pure-play private bank in the Netherlands, KBL said. Terms of the deal, which is expected to close in the second half of 2016, were not disclosed.

Insinger de Beaufort, which was established in 1779, also has a UK branch with almost €1.9 billion in client assets under management. On completion of the purchase, KBL will absorb Insinger de Beaufort’s London-based staff and their clients.

“The acquisition of Insinger de Beaufort is an excellent opportunity for the KBL epb group to grow the business in the UK and in particular its London activities. Over the coming months we will be working with KBL epb to agree the best operating model for the UK branch of the Insinger de Beaufort business,” Ian Sackfield, chief executive of Brown Shipley.

KBL's recent acquisitions include UK-based financial planning firm Hampton Dean and UBS’s private bank in Belgium.