The Dutch bank is acquiring Hauck Aufhauser Lampe, or HAL, from Chinese conglomerate Fosun International, ABN AMRO said Tuesday.
With the acquisition, Bethmann Bank—ABN AMRO’s private banking arm—will become one of Germany’s largest providers of banking services for wealthy private clients, family businesses, and institutional clients.
After completing the deal, ABN AMRO said it would be one of the top three wealth managers in Germany, the largest private banking market in Europe, with combined assets under management of around EUR70 billion.
“This is a rare opportunity to add scale to our German activities,” said Robert Swaak, chief executive of ABN AMRO.
The acquisition, expected to be completed in the first quarter of next year, is set to contribute around EUR26 billion in assets and EUR2 billion in loans to ABN AMRO’s business, it said.
In a separate statement, Fosun International said the sale was part of the company’s strategy to streamline its portfolio, which includes an asset-light strategy.
Last month, the conglomerate sold a 9% stake in Belgium insurer Ageas to BNP Paribas for EUR730.0 million.
Fosun, which operates in the health, hospitality, wealth-management, and oil-and-gas sectors, said proceeds from the HAL sale would be used to meet general working capital needs.
