ABN Amro to sell Asia, M-E private banking assets to LGT

London

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.