BNP Paribas has sold its 237-year-old private banking unit, Insinger de Beaufort, to KBL European Private Bankers, a Luxembourg-based network of wealth managers, as consolidation continues in the private banking sector.

KBL said it would combine Insinger de Beaufort's Dutch operations with its Netherlands wealth management brand, Theodoor Gilissen. The combined entity will become the third-largest private bank in the Netherlands, a statement by KBL said on April 12.