KBC Securities and Van Lanschot Kempen Investment Banking have announced plans to merge their equities activities into a 50/50 joint venture, creating what they describe as a leading Benelux equities broker with pan-European specialisation in real estate and life sciences.
The proposed joint venture will operate under its own licence and is expected to become operational in the fourth quarter of 2026, subject to regulatory approvals. Until completion, client service models at both firms will remain unchanged.
Strategic rationale
By combining their equities franchises, the two institutions aim to offer clients broader equity research coverage, improved liquidity and stronger execution and placement capabilities in their core markets and sectors. The new platform is expected to cover around 230 stocks, with a strong focus on Benelux companies and European real estate and life sciences names.
For corporates and financial sponsors, the transaction brings together Van Lanschot Kempen’s pan-European and US investor network with KBC Securities’ strong West European and domestic footprint. According to the parties, this combination should translate into increased liquidity, enhanced distribution power and wider investor reach across ECM transactions.
Scope of the joint venture
All existing equities-related activities of both firms will be contributed to the joint venture, including equity research, sales, sales trading, trading and ECM execution. The new entity will also act as the exclusive distribution channel for all ECM activities of both KBC Securities and Van Lanschot Kempen Investment Banking.
Importantly for the Belgian M&A and private equity community, both shareholders will continue to manage client relationships in ECM transactions independently and will retain their standalone corporate finance advisory practices, including M&A advisory.
Management commentary
Johan Thijs, CEO of KBC Group, said the transaction represents a key step in the growth strategies of both groups, combining local expertise with complementary strengths to create an international platform offering Belgian corporates and institutional investors access to European and US equity markets.
Maarten Edixhoven, chairman of Van Lanschot Kempen, highlighted the strategic fit and shared values between the two organisations, noting that the joint venture strengthens the group’s corporate finance capabilities, which form an integral part of its broader wealth management proposition.
Geert Cleuren, CEO of KBC Securities, described the transaction as “fully focused on client value”, positioning the joint venture as a Benelux equities powerhouse offering a full spectrum of services from research to trading and syndication.
Dirk Saltzherr, Co-Head of Van Lanschot Kempen Investment Banking, added that the partnership creates a future-proof equities platform with greater scale, broader reach and enhanced growth potential.
For dealmakers and sponsors active in the Benelux, the joint venture signals further consolidation in the equities and capital markets landscape, while leaving M&A advisory capabilities at both institutions firmly intact.
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