ABN Amro Buys German Bank Hauck & Aufhäuser From China’s Fosun

ABN Amro Bank NV agreed to buy German lender Hauck & Aufhäuser Lampe Privatbank AG from Fosun International Ltd. for €672 million ($730 million), expanding the Dutch company’s reach in wealth management.

Bloomberg
First Published28 May 2024
ABN Amro Buys German Bank Hauck & Aufhäuser From China’s Fosun
ABN Amro Buys German Bank Hauck & Aufhäuser From China’s Fosun

ABN Amro Bank NV agreed to buy German lender Hauck & Aufhäuser Lampe Privatbank AG from Fosun International Ltd. for €672 million , expanding the Dutch company’s reach in wealth management.

Bethmann Bank AG, ABN Amro’s private banking arm in Germany, will add €26 billion in assets under management and €2 billion in loans after the acquisition, according to a statement from the Amsterdam-based lender Tuesday. That will bring combined assets under management to around €70 billion.

“This is a rare opportunity to add scale to our German activities,” ABN Amro Chief Executive Officer Robert Swaak said in the statement. “The proposed acquisition will further strengthen our position and offer employees of the combined group the opportunity to play a driving role in the consolidating German market.”

ABN Amro said earlier this year that it sees growth in wealth management as a way to offset an expected decline in lending revenue. The company aims to make fees “a more important part of our income” to reduce its dependency on interest income, Chief Financial Officer Ferdinand Vaandrager said in the firm’s annual report. That includes seeking “strategic initiatives” to expand the business with affluent clients, he said.

Founded in 1796, Hauck & Aufhäuser is one of Germany’s oldest banks. Fosun bought the company in 2015 and snapped up its domestic rival Bankhaus Lampe in 2021. The Chinese conglomerate, backed by billionaire Guo Guangchang, has been selling assets as it seeks to reduce its debt load following an acquisition spree. 

The impact of the acquisition on ABN Amro’s CET1 ratio is expected to be around 45 basis points, according to the statement. The units of Hauck & Aufhäuser that provide alternative investment funds, management company and fund administration services aren’t part of the deal.

With assistance from Sarah Jacob.

This article was generated from an automated news agency feed without modifications to text.

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