Quintet Private Bank

Quintet Private Bank is a major Luxembourgish bank which was founded in 1949.

Quintet Private Bank
private
IndustryFinancial services[1]
Founded1949
HeadquartersLuxembourg,
Grand Duchy of Luxembourg
Key people
  • Rory Tapner (Chairman)
  • Jakob Stott (Group CEO)
  • Colin Price (Group COO)
  • Nicholas Harvey (Group CFO)
Products
Websitewww.quintet.com

Overview

Quintet Private Bank, founded in 1949, is headquartered in Luxembourg with a presence in 50 European cities. Claims over 2,000 staff and €72.6 billion in assets under management and custody (as of December 31, 2018). It is owned by Precision Capital, a Luxembourg-based bank holding company controlled by members of the Al Thani family of Qatar.[3][4]

The group provides additional investment services through its Global Investor Services, Global Financial Markets and Asset Management departments. The group has subsidiaries in European countries: Puilaetco Dewaay Private Bankers in Belgium, Merck Finck Privatbankiers in Germany, Quintet Luxembourg in Luxembourg, InsingerGIlissen in Netherlands, Quintet Espana in Spain and Brown Shipley in the United Kingdom. In May 2020, Quintet opened for business in Switzerland. [5]

Quintet is consolidating its presence across Europe and in emerging markets, including the Middle East and Asia.[6]

History

On May 23, 1949, Kredietbank Luxembourg officially became a registered bank in the Grand Duchy and opened its doors a few months later.

In the early days, KBL had only five employees on its payroll, including the CEO, Constant Franssens.

Since its founding, KBL epb has continued to expand across Europe through organic and inorganic growth. Its offerings have increased as well to include, for example, global investor services, life insurance and credit.

In January 2020 KBL epb was renamed Quintet Private Bank.

Ownership

Quintet Private Bank is owned by Luxembourg incorporated holding company Precision Capital. Precision Capital banking group was supervised by European Central Bank directly due to its size.[7] KBLs sister bank Banque Internationale à Luxembourg was sold by Precision Capital in 2017 to Lenovo.

Precision Capital by House of Al Thani of Qatar holds 99.9% [8]of Quintet Private Bank.[9] It was reported that Precision Capital is owned by Hamad bin Jassim bin Jaber Al Thani, former Prime Minister of Qatar[10] and a distant relative of the Emir of Qatar.

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References
  1. "KBL European Private Bankers SA". The Luxembourg Bankers’ Association.
  2. "Performance à deux chiffres pour le Fonds Flagship de KBL epb en 2013". corporatenews.lu.
  3. "Qatar royal family swoop on Belgian, Luxembourg banks". Arab Times.
  4. "Precision Capital acquires KBL epb, KBC's private banking subsidiary". Reuter.
  5. https://www.verdict.co.uk/private-banker-international/news/quintet-private-bank-launches-operations-in-switzerland/
  6. "4 questions à Marc Lauwers". lecho.be.
  7. "List of supervised entities" (PDF). European Central Bank. 1 January 2016. Retrieved 13 April 2016.
  8. https://www.quintet.com/en-gl/pages/corporate-governance
  9. "Closing of the sale of Banque Internationale à Luxembourg" (PDF). Dexia. 5 October 2012. Retrieved 13 April 2016.
  10. "Former Qatar prime minister rejoins dealmaking stage". Financial Times. 20 May 2014. Retrieved 16 April 2016.
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