Another milestone on the way to expanding the bank
The management board of Frankfurt-based Renell Bank AG and the shareholders of Merit Capital NV signed a purchase agreement for the one hundred percent takeover on September 30, 2021. The bank successfully prevailed over several prospective buyers. The transaction will take effect on January 1, 2022, subject to the approval of the National Bank of Belgium and Renell Bank shareholders.
Merit Capital NV is an asset management and portfolio management company based in Belgium. The company was founded in 2000 and is regulated by the FSMA and the Belgian National Bank. Merit Capital NV has 3,500 clients with total assets under management of 1.25 billion euros.
Marc Renell, CEO of Renell Bank AG: “The takeover brings many synergies and an acceleration of our strategic goals. We are happy to have reached this milestone. “
Merit Capital NV will be further expanded as an independent company with its strong network in the Belgian market. Andreas Leonhardt, CFO of Renell Bank AG, will move to the Management Board of Merit Capital for a transitional period and, in particular, will further develop risk management and compliance.