Belgian private banks Bank Degroof and Petercam have completed their merger to create a new entity Bank Degroof Petercam following receipt of approval from the authorities.

The new is headquartered in Brussels and employs 1400 staff across offices in Belgium, Luxemburg, France, Spain, Switzerland, The Netherlands, Germany, Italy and Hong Kong.

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The combined entity will manage over EUR50bn in assets and will offer private banking, institutional asset management, investment banking (corporate finance and financial intermediation) and asset services.

As part of the merger, Petercam has transferred the assets and liabilities to Bank Degroof Petercam and closed the mother company Petercam nv/sa.

However, the affiliates of Petercam and Bank Degroof including the asset management companies and the Luxembourg subsidiaries are set to merge and integrate soon.

The new bank will include a group executive committee (GEC), group management committee (GMC), international network committee (INC) and Board of directors.

Bank Degroof Petercam CEO Philippe Masset said: "Today, we finalize a tremendous journey that started with the signature of our letter of intent in January. In less than 10 months, our teams managed to complete the due diligence, the merger agreement, the approval process by the authorities as well as the integration of our people."

Bank Degroof Petercam deputy CEO Xavier Van Campenhout said: "We can now officially start integrating our offering at the service of our clients. Our family-rooted foundation thereby guarantees our independence, stable and sustainable services, as well as open mind towards the future."