Dutch-Belgian financial services group Delta Lloyd has said it has sold its private banking activities to Dutch Bank ten Cate & Cie, for an undisclosed sum.

The sale is part of a move by Delta Lloyd to focus more on the Dutch retail market, particularly savings and mortgages.

“The deciding factor in the choice of Bank ten Cate & Cie was the bank's investment style and professionalism. Bank ten Cate & Cie actually employs the same conditions for asset management as Delta Lloyd Bank,” the firm said in a statement earlier this week.

The securities are held in custody separately from the banking business at Stichting Bank ten Cate & Cie Global Custody. Clients will retain their personal account managers, who will join Bank ten Cate & Cie, the statement said.

Bank ten Cate & Cie was founded in 1881.

Delta Lloyd Bank is a provider of financial products and services in the Netherlands and Belgium.