Germany's Deutsche Bank yesterday took its expansion drive into Belgium, snapping up the Belgian business of France's Credit Lyonnais for one billion marks (£403 million) cash.
The purchase of Credit Lyonnais Belgium (CLB), to be finalised in the first quarter of next year, is Deutsche's second big acquisition this week after it said on Monday it was buying Bankers Trust Corp of the US for $10.1 billion (£14.9 billion).
The cash take-over of Belgium's sixth-largest bank shows Deutsche remains determined to grow in continental Europe which will constitute its enlarged home market following the January 1st launch of the euro single currency.
"Two days ago we announced our acquisition of Bankers Trust, three weeks ago we announced a co-operation with Japan's largest insurance company Nippon Life. Both activities are part of our global strategy," Deutsche board member Mr Carl von Boehm-Bezing told a news conference in Brussels.
"Nevertheless, the foundations for all our activities are in Europe. Deutsche Bank considers the new euro zone as its home market. Only with a strong basis (here) will we also succeed on a global scale . . .," he said.
Deutsche will merge its own Belgian business with CLB, which has 38 branches, 950 staff, more than 186,000 customers and a balance sheet total of 24.1 billion marks.
Mr Van Boehm-Bezing said there would be no job cuts at CLB.
A Deutsche Bank spokesman said the bank did not expect any problems from EU anti-trust authorities regarding the CLB deal.
The Belgian unit is one of several subsidiaries that state-owned Credit Lyonnais was obliged to sell in return for European Union approval of past state aid.
Credit Lyonnais Belgium will retain its present management.
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