ABN Amro has agreed to acquire the private banking activities of France’s Société Générale in Belgium, the Dutch bank said in a statement on Tuesday.

ABN Amro said the acquisition will double its private banking presence in Belgium with more than €12bn under management. The bank regards private banking as a core activity and has €200bn under management, making it a key player in the sector in northwest Europe.

The acquisition, subject to the approval of relevant banking authorities, is expected to be completed in the first quarter of 2019.

The Belgian acquisition is ABN Amro’s first since 2013 when it bought the German private banking activities of Credit Suisse which had about €10bn under management.