Two Dutch private banks – Theodoor Gilissen and Insinger de Beaufort – have announced plans to merge.

The merged bank, which will not become a reality until the first half of 2017, will have assets of some €20bn.

Insinger de Beaufort, currently partly in the hands of BNP Paribas, will be taken over by KBL European Private Bankers, the company behind Theodoor Gilissen.

Financial details were not disclosed and a name for the new bank has not been finalised.

Theodoor Gilissen was founded in 1881 and has around 200 staff in Amsterdam, Eindhoven, Enschede, Groningen and Rotterdam. Insinger can trace its history back to 1779. It has a workforce of some 230 people in Amsterdam, The Hague, Eindhoven and London.