ABN Amro to sell Asia, M-E private banking assets to LGT
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ABN Amro NV has agreed to sell its private banking assets in Asia and the Middle East to Liechtenstein-based LGT to focus on its European operations.
The unit manages about US$20 billion in Singapore, Hong Kong and Dubai, representing about 10 per cent of ABN Amro's private banking assets globally, the Dutch bank said in a statement on Tuesday. The company expects a "substantial book gain" on the sale, it said without disclosing a selling price.
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