ABN Amro sells Asian private banking business to LGT
[AMSTERDAM] ABN Amro said on Tuesday it had agreed to sell its private banking operations in Asia and the Middle East, with US$20 billion (S$28.3 billion) in assets under management, to LGT, a business run by the Princely Family of Liechtenstein.
Terms were not disclosed.
ABN said it expected to book a "substantial" gain on the transaction. Spokeswoman Brigitte Seegers said ABN did not disclose the book value of its private banking operations.
ABN, one of Europe's larger private banks with the MeesPierson brand, has said it considers private banking a core business, but intends to focus on markets in Northwest Europe. The Asia and Middle East operations represented about 10 per cent of its global private banking business.
For LGT, the deal will roughly double the size of its Asian private banking operations, and increase its total assets under management globally to US$160 billion. "This acquisition will allow us to further extend our market position and to achieve further profitable growth," said LGT CEO Prince Max von und zu Liechtenstein in a statement.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say