Delen opens Zurich: the small office that tells the story of AvH's big engine

For the shareholder of Ackermans & van Haaren, the opening of a Delen office in Zurich is not just a real estate anecdote. It is a new piece in the cautious internationalization of the business, which now weighs most heavily on the holding company's results. Delen Switzerland has already had a presence in Geneva since 1996. It is now opening a second location, Rämistrasse 16, in the Bellevue district, because Zurich has become one of its most important Swiss markets. No asset or profitability targets are being communicated. The signal is therefore strategic, not yet financial.

In summary

AvH is not building an international private bank through spectacular, high-stakes ventures. Delen is advancing market by market, combining local presence, discretionary portfolio management, wealth planning, and proprietary technology. Zurich exemplifies this approach. Value for AvH will come if this new foothold converts existing clients into sustainable business without compromising the model's excellent efficiency.

Why this matters to Ackermans & van Haaren's shareholder

AvH owns 78.75% of Delen Private Bank and Bank Van Breda. In the first half of 2026, the Private Banking division contributed €148.0 million to AvH's earnings, including €109.2 million for Delen Private Bank and €38.3 million for Bank Van Breda. Most importantly, the two banks together paid €186.0 million in dividends to the holding company during the first half of the year. This represents nearly two-thirds of the €282.7 million in dividends received by AvH. Zurich's stake therefore directly contributes to the holding company's investment capacity and future dividends.

An address, but above all, a method.

Delen's communication emphasizes proximity. This word may seem commonplace in private banking. Yet here, it describes a specific economic choice: establishing a local team where a client base already exists, rather than planting a flag before demand is proven. Delen explains that its activities in the Zurich region have grown significantly in recent years. The office therefore follows the client; it is not yet trying to anticipate them.

This sequence is consistent with the group's history. The Swiss subsidiary will celebrate its 30th anniversary in 2026, while the parent company will celebrate its 90th. It is not discovering Switzerland for the first time; it is strengthening a long-standing presence. The new office will be headed by Thierry de Groote, who has already been in charge of Delen Switzerland since 2017. This is therefore neither an acquisition, nor a change of model, nor a management overhaul. It is an organic extension of an existing platform.

The model presented in Zurich remains Delen's: discretionary management, a consolidated view of assets, and the integration of financial management and estate planning. Proprietary technology delivers on this promise by bringing together portfolio, real estate, investments, family structure, and documents. In a Swiss market saturated with banks, differentiation therefore does not rely solely on fund performance. It relies on an integrated wealth management experience and a deliberately streamlined organization.

The real asset: a machine that collects without deforming

As of the end of June 2026, Delen managed €84.2 billion with JM Finn. The total increased by 10% in six months, driven by both market performance and net inflows. Delen Continental - Belgium, Luxembourg, the Netherlands, and Switzerland - represents €69.3 billion; JM Finn in the UK, €14.9 billion. More than 3,000 new clients joined Delen during the first half of the year, and 91% of assets are managed under discretionary mandates.

This last figure is important for AvH's shareholder. A discretionary mandate entrusts the bank with day-to-day decisions within an agreed framework. It generally creates a more recurring relationship than a simple brokerage service and allows for an industrialized organization. A Zurich branch can then add assets to an existing platform without rebuilding the entire management chain.

The question is therefore not simply: "How many clients in Zurich?" It becomes: "How much additional inflow can a shared infrastructure absorb without a proportional increase in costs?" This is where the potential operational leverage lies. It is not yet quantifiable with the published information, but it is more economically attractive than the cost of an additional office.

How Zurich can trace back to AvH's shareholder

An internationalization already well underway

Zurich comes after a broader growth phase. Delen has integrated Dierickx Leys in Belgium and Servatus in the Netherlands, and is working on integrating Box Consultants. Alongside this acquired growth, the group continues to expand its points of contact. This mix is ​​indicative of AvH's DNA: buying when the asset and the price are right, then letting a solid platform streamline costs and deepen customer relationships.

The holding company benefits from another advantage: it has two complementary banking models. Delen focuses on wealth management; Bank Van Breda supports entrepreneurs and professionals. The banks' combined profit reached €187.4 million in the first half of 2026, up 10%. At the AvH segment level, after accounting for ownership percentages and accounting treatment, the contribution amounts to €148.0 million.

This distinction avoids a common pitfall: confusing the banks' 100% profit with the result actually attributable to AvH. Similarly, the €84.2 billion are assets entrusted to AvH, not assets belonging to the bank's or holding company's balance sheet. They serve as the economic basis for fees but cannot be added to AvH's net assets.

What the announcement doesn't say

Delen does not disclose the assets already linked to Zurich, the number of clients involved, the staff size of the new office, or its break-even point. We also do not know what portion of the recent increase in assets comes from the markets, acquisitions, or organic Swiss inflows. It would therefore be premature to interpret the opening as a profit forecast.

Switzerland is also a demanding market. Salary and regulatory costs are high; competition from major banks, Geneva and Zurich-based firms, and independent asset managers is intense. Finally, management fees remain sensitive to the markets: a decline in the value of assets can reduce commissions, even if clients do not leave.

Opulion Reading

Taken in isolation, Zurich is a minor event. Within the context of AvH, it becomes a highly readable test of value creation. Delen is transforming a local Belgian brand into a European heritage platform through measured expansion. Each new location must add proximity on the surface while reusing the existing infrastructure behind the scenes. If this equation holds true, the growth of the assets entrusted to it can translate into profit, and then into dividends available to the holding company.

This isn't a promise of return, and it's not yet a change in valuation. It's better: a concrete case allowing us to observe how AvH is growing one of its best assets without altering its character. The signal to watch isn't the sign on Rämistrasse. It's the assets, margins, and cash that it will, or won't, be able to transfer back to Antwerp.

What we will be monitoring