A version of this article was published in Trends Tendances, 23 April 2026
Belgium continues to be an attractive market for international private banks and wealth managers, especially as a significant transfer of wealth from baby boomers to the next generation is underway.
Foreign private banks and wealth managers have significantly expanded their presence in Belgium in recent years. This trend can be partly explained by a series of acquisitions, the most notable of which is the takeover of Degroof Petercam by French group Indosuez, a subsidiary of Crédit Agricole. Furthermore, several international institutions have also strengthened their position through organic growth. To explore what is driving interest, Trends-Tendances spoke with Lombard Odier and other experts, all united by a shared interest: serving wealthy Belgian clients.
Belgium is a dynamic market offering significant growth potential
Entrepreneurs serving other entrepreneurs
Lombard Odier brings more than 230 years of history and has remained independent throughout this period. Today, it has a presence in 19 countries and manages EUR 375 billion of assets. At the end of 2024, it strengthened its presence in Belgium by opening a new branch in Antwerp-Berchem, complementing its office on Avenue Louise in Brussels. Belgium is now the only country outside Switzerland in which the bank operates more than one office.
"We have been in Belgium since 2022," explains Xavier Bonna, one of Lombard Odier’s six partner -owners and Global Co-Head of private banking. “Initially, our presence was driven by our Belgian clients who were repatriating assets from Switzerland. But we quickly recognised that Belgium is a dynamic market offering significant growth potential. We position ourselves as entrepreneurs serving other entrepreneurs – an approach that resonates strongly in Belgium, where the entrepreneurial spirit is deeply rooted."
We position ourselves as entrepreneurs serving other entrepreneurs – an approach that resonates strongly in Belgium, where the entrepreneurial spirit is deeply rooted
Building relevance across generations
Lombard Odier does not disclose specific figures, but according to Geoffroy Vermeire, Local Managing Director for Belgium, the bank has significantly exceeded targets: "Around half of our clients have assets ranging between EUR 3 million to EUR 5 mn, while our core focus is on clients with assets ranging between EUR 5 mn to EUR 50 mn,” he explains. “In a market where offerings are becoming increasingly standardised, our global and highly personalised approach sets us apart. The group aims for organic growth of 4-6% per year. In Belgium, we have performed somewhat better than that."
The bank’s recruitment strategy is focused primarily on high-calibre local talent in private banking and wealth management. "We have 30 employees, all focused on developing the business, a third of whom are based in Antwerp,” he adds. “We expect the centre of gravity of our activities to gradually shift towards Flanders. Within three to five years, we will have as many staff in Antwerp as in Brussels."
"Diversification remains the cornerstone of our investment strategy," Bonna notes. "This applies to both asset classes and geographical spread, which is especially important in today’s unstable geopolitical environment. With more than 300 investment experts worldwide, we can support clients who want to diversify internationally, for example, by allocating some of their assets to Asia.”
According to Bonna, many high-net-worth clients maintain a relationship with a specialist bank to manage and structure their assets, alongside their lead bank for day-to-day transactions. The growing trend of setting up a family office is not seen as a threat: "It's something we are seeing all over Europe. Family offices are contributing to greater professionalisation, but they cannot do everything or know everything. We position ourselves as a partner to these structures."
The younger generation has different expectations. They demand transparency, responsiveness and seamless digital access
Meeting NextGen expectations
The coming years will be marked by the largest wealth transfer ever seen, from baby boomers to the next generations – a transition Bonna believes will present a significant challenge for private banks. "The younger generation has different expectations,” he says. “They demand transparency, responsiveness and seamless digital access. They also want to understand exactly where their money is invested. Furthermore, they want to be actively involved and take a strong interest in sustainability and impact."
To meet this challenge, Lombard Odier is responding by recruiting more young employees. "They speak the same language and share the same outlook," Geoffroy Vermeire points out. "We are also investing heavily in our NextGen programme, which has a strong educational component aimed at preparing young people for the transfer of wealth. Our ambition is to be banker to the whole family."
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