Delen Private Bank has transformed itself from a stockbroker into one of Belgium’s leading wealth managers. Bank Van Breda has undergone an equally decisive transformation: from a regional savings bank into a specialist banker for entrepreneurs and liberal professions. In this way, both banks, whose roots go back to the 1930s, have built a new future for themselves. They have done so with the support of Ackermans & van Haaren, a loyal and committed partner for more than 30 years.
Two pivotal years: 1992 and 1998
Ackermans & van Haaren had already held interests in financial institutions in the more distant past, but the real, structural breakthrough came in the early 1990s. In 1991, Ackermans & van Haaren acquired a small stake in Fincomp, a holding company with control over Belcofi. The Delen group (listed on the Brussels stock exchange since 1989) was also a shareholder in both companies, which came under pressure during the prolonged recession following the First Gulf War. Brothers Jacques and Paul Delen looked for a solution and wanted to focus exclusively on their core business. A partnership with Ackermans & van Haaren provided the answer. On 11 May 1992, Ackermans & van Haaren and Delen announced a merger by absorption: the start of a strong growth story for Bank Delen, which continues successfully to this day.
In 1998, the banking group Finaxis was established. Ackermans & van Haaren contributed Delen Investments, while the Leysen and Van Antwerpen families contributed Bank J. Van Breda & Co. Ackermans & van Haaren took a 60% stake in Finaxis. Bank Van Breda also embarked at that time on a successful path that continues today. In 2004, the family shareholders of Bank J. Van Breda & Co sold their remaining 40%, leaving Ackermans & van Haaren and Promofi, the Delen family, as the sole shareholders, with rounded interests today of 79% and 21%, respectively.
Both Delen Private Bank and Bank Van Breda have, in a sense, reinvented themselves. Below, we briefly look back at their respective histories.
Bank Delen was listed on the Brussels stock exchange from 1989 to 1992
Delen: from stockbroking firm to successful wealth manager in 90 years
Ninety years ago, in 1936, André Delen founded the stockbroking firm Delen & C°. Armed with a pen, a notebook and the newspaper, he placed stock market orders on behalf of his clients.
In the 1970s, André Delen’s sons — Jean-Pierre, Paul and Jacques — took over the reins. They ensured the bank’s further development while preserving its family character.
From the 1990s onwards, Delen focused on discretionary wealth management, whereby assets are managed on behalf of the client. This strategic shift was strongly supported by Ackermans & van Haaren, co-shareholder since 1992.
Delen Private Bank achieved strong organic growth. Estate Planning was launched in 1995, and, in 2007, wealth management was centralised through patrimonial funds. In 2019, the bank launched Delen Family Services. Its services relating to Family and Wealth were further strengthened in 2025. The synergy between Ackermans & van Haaren and Bank Van Breda has also contributed significantly to this success since 1998.
In addition to its internal growth, Delen Private Bank also completed several acquisitions and cooperation agreements, all of which proved successful. It started in 1994 with the acquisition of Banque de Schaetzen, followed two years later by the cooperation agreement with the stockbrokers De Ferm. The acquisition of the stockbroking firm Havaux in 2000 was an important milestone. In 2004, the acquisition of Luxembourg-based AXA subsidiary Banque BI&A (LU) was completed, and, in 2007, this was followed by the merger with Capital & Finance (Capfi). The organisation had thus been substantially strengthened and was well equipped to secure further growth in its home market. In 2011, a first step into new geographical markets was taken when Delen acquired a majority stake in the English wealth manager JM Finn & Co.
Geographical expansion into the Netherlands began in 2015 with the acquisition of Oyens & Van Eeghen NV. Several further acquisitions followed over the next ten years: Nobel Vermogensbeheer (2019), Groenstate (2022), Puur Beleggen and Box Consultants (2024), Petram & Co and Servatus Vermogensmanagement (2025), with the acquisition of Van Lawick & Co, announced in July 2026, as the most recent achievement complementing organic growth in the Dutch market.
Delen Private Bank is also recording strong internal growth in its Belgian home market, partly thanks to the expansion of its branch network. The acquisition of Dierickx Leys Private Bank in 2025 illustrated that external growth opportunities are still possible, even in the already highly consolidated Belgian market.
Assets under management increased from €0.55 billion in 1992 to €76.54 billion in 2025.
Office of the brokerage agency of André Delen
Bank Van Breda: from a regional savings bank to leading specialist banker
Bank Van Breda is not a Dutch bank, although its name might suggest otherwise. The bank was founded in Lier in 1930 by brothers Jos and Maurice Van Breda, who obtained the money for their start-up capital from their family.
The business soon expanded into insurance. In 1937, a separate company was established for Verzekeringskantoor J. Van Breda & C°. Today, this is an independent company, separate from the bank and from Ackermans & van Haaren, known as Vanbreda Risk & Benefits.
In 1968, the registered office moved to Antwerp. The traditional savings-book-and-securities bank had meanwhile also become active as a financing company for cars. Today, this activity is grouped within Van Breda Car Finance, which positions itself as a credit partner for car dealers. Ackermans & van Haaren has provided further growth impulses since 1997.
Today, Bank Van Breda is known for its highly focused niche strategy with a clearly defined target group: entrepreneurs and liberal professions only. This strategy was formally defined in 1989: since then, the bank has deliberately not targeted large companies or private individuals but focuses entirely on entrepreneurs and liberal professions. In 2000, the bank crossed the language border. Today, Bank Van Breda has a nationwide network of branches in Flanders, Brussels and Wallonia. Everywhere, the bank works with the same mission: to be the best wealth adviser for entrepreneurs and liberal professions.
Bank Van Breda was not affected by the banking crisis that shook the sector to its foundations in 2008. The explanation? The bank uses its clients’ deposits exclusively for loans to clients in the same target group: successful entrepreneurs and liberal professions. Above all, Bank Van Breda, like Delen Private Bank, has always pursued a prudent policy, with high levels of equity and a healthy liquidity position.
Bank Van Breda remains close to its clients, with a network of 31 branches in Belgium.
Bank Van Breda office in Brussels (mark the "old" logo)
Sustainable growth through strong partnerships
Ackermans & van Haaren’s shareholdings in Delen Private Bank and Bank Van Breda are a perfect illustration of the key values that the investment company holds dear: a long-term perspective, the importance of close partnerships and sustainable growth.
Luc Bertrand and Jacques Delen in front of the AvH office in Antwerp, 1992