ABN AMRO to Buy Private German Bank for EUR672 Million

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ABN AMRO Bank has agreed to acquire a private bank in Germany for 672 million euros ($729.7 million), solidifying its position as one of the country’s top three wealth-management firms.

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.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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