The Dutch bank ABN Amro reached a agreement with the Chinese giant Fosun International for acquire Hauck Aufhauser Lampe (Hal), one of the leading private banks in Germany. This acquisition will allow Bethmann Bank, the private banking arm of the Dutch bank in Germany, to become one of the major banking service providers for wealthy private clients, family businesses and institutional clients in the country. ABN Amro will acquire approximately 26 billion euros in assets under management and 2 billion euros in loans, bringing the total assets of the group's German asset management division to 70 billion euros.
672 million euro operation, closing in 2025
The consideration for the operation is 672 million euro at closing, with adjustments based on certified post-closing financial data. The impact on ABN AMRO's capital ratios will be 45 basis points on the first quarter CET1. The cost synergies are estimated at around 60 million euros pre-tax within three years.
Il closing The transaction is expected to occur in the first quarter of 2025, subject to relevant regulatory approvals.
“This is one Rare opportunity to expand our operations in Germany. We are pleased to have reached this agreement. HAL is a long-standing leader in wealth management and has a strong fit with ABN AMRO, both culturally and geographically. We share the desire to provide the best individual solution to our customers. The proposed acquisition will further strengthen our position and offer employees of the combined group the opportunity to play a leading role in the consolidation of the German market” he commented Robert Swaak, CEO of Abn Amro.
