2024 in Figures • Delen Private Bank Luxembourg

Delen Private Bank's assets under management rose to record levels again in 2024, across all regions where the bank operates. This growth was driven by both organic expansion and acquisitions, as well as by positive market performance. Our integrated approach – combining responsible investing with forward-looking, tailored wealth planning – continued to attract both new and existing clients.

Message from our CEO

'Delen Private Bank, since 1936' is the slogan that has graced our brochures for quite some time now. Next year marks ninety years since André Delen laid the foundations of the bank. Back then, Delen was essentially a start-up. And in our hearts and minds, it still is. Today, we feel the same drive, curiosity, and determination to provide our clients with the very best service – just as André Delen did when he opened his small exchange office in Antwerp.

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Assets under management at record levels

Delen Private Bank's assets under management rose to new record levels in 2024. This impressive growth was not only driven by a favourable stock market performance, but also by strong organic capital inflows at Delen Private Bank Continental (Belgium, the Netherlands, Luxembourg, and Switzerland), as well as an acceleration of acquisition activities in the Netherlands.

At Delen Private Bank Continental, 92.6% of total assets under management (AuM) were managed on a discretionary basis. This success was made possible thanks to the dedication of both the commercial and administrative teams, supported by Delen’s advanced IT infrastructure, which ensures a seamless and efficient onboarding process.

The contribution of sister bank Bank Van Breda was once again substantial this year: €16.9 billion — representing 31% of total AuM in Continental Europe — was managed on behalf of clients introduced by Bank Van Breda.

Clients’ asset growth was recorded across all regions in which the bank operates. Belgium remains Delen Private Bank’s home market, but the bank is also becoming an increasingly significant player in the Netherlands, Luxembourg, Switzerland, and the United Kingdom.

Growth through organic inflow and acquisitions

Delen’s growth story is one of balance and strong local roots, combined with selective international expansion and a deepening of its service offering.

In Belgium, Delen holds a leading position thanks to strong organic growth over the past years. While the bank’s acquisition activity in Belgium mainly took place between 1994 and 2007, it gained new momentum in 2024 with the announcement of the acquisition of Dierickx Leys.

Founded as an exchange office in Antwerp, Dierickx Leys Private Bank gradually evolved into a private bank with €3 billion in AuM. The transaction was approved and completed in the first quarter of 2025. As a result, Dierickx Leys is not yet included in the 2024 figures.

Delen’s strong growth trajectory in Belgium continue

Increase in offices and AuM

Delen Private Bank entered the Dutch market for the first time in 2016 with the acquisition of Oyens & Van Eeghen. Unlike the more consolidated private banking market in Belgium, the Dutch market was still relatively fragmented, with many small and independent players.

In 2019, Nobel Vermogensbeheer was acquired, followed by the takeover of Groenstate Vermogensbeheer in 2023, and Puur Beleggen in early 2024. The acquisition of Box Consultants - completed in October 2024 - doubled Delen’s AuM in the Netherlands. As a result, the Netherlands is gradually becoming a second home market for Delen Private Bank.

Growth in the Netherlands shifts into higher gear

Increase in number of offices and AuM

In Switzerland, Delen’s growth continues to stem from its sustained focus on affluent Belgian and Dutch expats in Geneva and Zurich.

Delen Private Bank Luxembourg targets Belgian and Dutch expats in la Grande Région and around the world who require wealth planning within an international context.

At JM Finn in the United Kingdom, initiatives are underway to complement its wealth management offering with a more robust, centralised discretionary investment management service for their clients.

Emphasis on dialogue in responsible investing

As at 31 December 2024, Delen Private Bank invested €47.6 billion of its customer assets through the funds managed by Cadelam, the bank's fund manager. All these investment funds, without exception, consistently apply Delen Private Bank's responsible investment policy.

The bank’s responsible investment policy is built on three pillars: the integration of ESG data (Environmental, Social, and Governance), engagement with the companies in which it invests, and exclusion as a necessary last resort when dialogue proves insufficient.

Cadelam, the group’s fund manager, uses ESG risk scores to assess the extent to which a company’s financial value may be exposed to sustainability-related risks. The ESG score of 19.0 (the weighted average of Delen’s largest profile fund, dynamic profile) demonstrates that Delen invests in companies that actively and effectively incorporate ESG considerations into their business practices.

Cadelam and Delen Private Bank, as active shareholders, are committed to engagement as a means to drive sustainable change. In collaboration with Federated Hermes EOS, they engage in dialogue with companies on ESG-related topics. The priorities for these engagements are set annually. In 2024, EOS engaged with 83% of the companies in the equity portfolio, focusing on environmental issues, social matters, good governance, and strategy. In total, 1,719 engagement actions were undertaken with 287 companies.

ESG topics addressed through engagement in 2024

In addition to engagement, Cadelam also exercises its voting rights at shareholders’ meetings, ensuring that clients’ assets are used purposefully to support positive impact and responsible investment decisions.

Divestment is considered a last resort within responsible wealth management—applied when engagement or voting yields insufficient results, or when a company’s sustainability profile deteriorates. Cadelam and Delen also apply clear exclusion criteria for companies involved in controversial activities, such as tobacco production. Companies with high ESG risks are likewise excluded from the portfolio.

New offices, strengthened relationships

Being close to the client is one of the cornerstones of Delen’s service philosophy. In Belgium, this is clearly illustrated by the opening of nine new offices over the past seven years. By the end of 2024, Delen Private Bank operated fifteen branches in its home market. The new office in Knokke was inaugurated in December 2024, sparking new momentum. Our new branch in Wavre opened in May 2025.

Delen Private Bank is present in 15 cities in Belgium

Our new office in Knokke opened in December 2024

In the Netherlands, the bank’s acquisition activity intensified, with expansions into promising regions such as The Hague and Eindhoven. This further strengthened the Netherlands’ role as the group’s second strategic hub. In January 2024, the asset deal with Puur Beleggen was completed. Two months later, Box Consultants was acquired and consolidated in October 2024. As a result, Delen Private Bank Netherlands contributed €3.4 billion to total AuM in 2024 — a significant increase from €1.4 billion in 2023.

Delen Private Bank is present in 6 cities in the Netherlands

A client space in our Den Bosch office

Employees at the heart of our personalised service

To ensure the continuity of our hallmark service characteristics - personal, available, and accessible - the bank expands its workforce year after year. It is actively recruiting across IT, commercial, and support functions. The key advantages for our clients — a personal approach, operational excellence, and responsiveness — are only possible thanks to the full commitment, motivation, and professionalism of all our teams.

In the series 'Delen through the eyes of colleagues', employees talk about their role in the bank, what their early career experiences have been like and the opportunities they've had to grow professionally. Discover their stories. (Only available in Dutch and French)

Healthy efficiency, profitability, and stability

The centralised organization of our discretionary asset management and a robust IT infrastructure form the foundation of remarkable efficiency compared to industry peers. The cost-to-income ratio stands at 47.3%, while Delen Private Bank Continental’s cost-to-income ratio is even significantly lower, at 39.6%.

As of December 31, 2024, Delen Private Bank’s consolidated equity (group share) amounted to €1.227 million. The group’s Common Equity Tier 1 (CET1) capital was €708.8 million at year-end, compared to €860.8 million at the end of 2023. Delen Private Bank remains very well capitalized, with a Common Equity Tier 1 ratio of 34.9%. Return on (average) equity reached a robust figure of 18.9%.

Other highlights in 2024

As an organization embedded in society, Delen Private Bank aims to actively contribute to the community — notably through partnerships and philanthropic initiatives.

Through our support of charitable causes, the Delen Group builds bridges to vulnerable groups in society. For example, we collaborate with the King Baudouin Foundation to provide social organizations and innovative projects — often focused on vulnerable young people — with additional financial resources, enabling them to achieve their goals in health and quality education.

Since the beginning, the bank has also been an enthusiastic partner of the arts, sports, and science. This is reflected in partnerships with art fairs such as Brafa, Art Brussels, and Art Antwerp, as well as leading cultural institutions like the Royal Museum of Fine Arts Antwerp (KMSKA) and Opera Ballet Vlaanderen. Just as with our wealth management, we operate with a long-term vision.

This same vision is carried through in our sports partnerships, where we support young talent at the start of promising careers. We provide financial support and, if desired, guidance in financial planning to allow them to fully focus on their sport.

Through our Delen.ART platform and temporary exhibitions in our offices, we spotlight artists and galleries with the goal of bringing artists and art lovers closer together.

Opera Ballet Flanders

Arno Van Dessel, young hockey talent and sports ambassador for Delen

‘Composition’ by Guy Vandenbranden in Antwerp office

Interested in a deeper dive into the numbers?

The comprehensive summary provides further insight into our bank’s mission, strategy, and activities, along with a detailed report on the financial and ESG performance for 2024.

Read the executive summary of the annual report Print this page