Belgian private bank Delen is opening a second Swiss office in Zurich, marking the start of what it calls a decade-long expansion strategy that could see the group absorb local financial institutions or independent wealth managers.
Delen Suisse formally opened its new office at Rämistrasse 16, near Zurich’s Bellevue district, on September 3. The location follows Delen’s existing Geneva presence and is the bank’s second Swiss base. Thierry de Groote, who has led Delen Suisse since 2017, told finews that serving Zurich-based clients had become essential: “You cannot operate seriously in Switzerland without a Zurich presence.”
The decision followed strong growth in the bank’s Zurich client book and direct inquiries from both existing and prospective clients, de Groote said. The new office launches with three staff members and could grow to around ten in the medium term.
Unlike many firms that plan on two- or three-year horizons, Delen is thinking in decades, de Groote stressed. Over the next 10 years, the group aims to build Delen Suisse into a wealth manager overseeing assets in the billions of euros, relying on both organic growth and acquisitions.
De Groote said Delen would be open to acquiring Swiss financial institutions or high-quality independent wealth managers, noting that smaller providers increasingly face cost pressures, scaling challenges and difficulty attracting new clients. “We would very much like to convince Swiss financial institutes or qualitatively strong independent wealth managers to join us,” he said, adding that management teams and clients matter equally in any deal — client assets are “a bonus,” not the primary objective.
The Netherlands serves as a model: Delen grew there through a series of acquisitions, integrating acquired teams and clients into its own platform, and de Groote sees a similar approach as viable in Switzerland over the long term.
Per 30 June 2026, the Delen Private Bank Group manages €84.1 billion in assets and employs more than 1,200 people. Besides Belgium and Switzerland, the group operates in the Netherlands, Luxembourg and the United Kingdom. De Groote described the group as a “hidden gem” in European private banking, noting that growth over recent decades has been predominantly organic, supported by financial-market developments, with acquisitions playing a comparatively minor role.
In Switzerland, about 70 percent of annual growth currently comes from additional assets held by existing clients and referrals. Delen distinguishes itself with a narrow focus on discretionary portfolio management and wealth planning, excluding institutional clients, custodial services and independent wealth managers as customers. There is no hard minimum investment amount; the average Swiss client holds around CHF 3–4 million.
Technology also plays a central role. Delen develops its IT largely in-house, offering a digital platform through which clients can map their entire asset base — securities portfolios, real estate, equity stakes and family structures — rather than holdings in isolation. De Groote said the aim is to free up advisers’ time for substantive client conversations.
Rather than measuring advisers on new money, fee income or product sales, Delen tracks meeting frequency, engagement of estate-planning specialists and the depth of personal contact. “The important questions for our clients are the transfer of wealth within the family, succession, wills or retirement,” de Groote said.
The Zurich office is thus positioned as the launch point for Delen’s next growth phase in Switzerland — driven organically where possible and supplemented by acquisitions when opportunities arise.
