ABN AMRO is set to acquire German private bank, Hauck Aufhäuser Lampe (HAL) from Fosun International in a deal valued at €627 million as it seeks to scale its German activities.
Pending regulatory approval, the transaction is set to be completed in Q1 2025.
Robert Swaak
The acquisition is set to enhance the asset management segment of ABN AMRO’s business, as well as strengthening its wealth management and E&E (entrepreneur and enterprise) offerings.
HAL’s offering is particularly established across the institutional investor and asset management client base, an established one-stop-shop for depository solutions and asset servicing.
Through the acquisition, ABN AMRO’s private banking arm Bethmann Bank is set to become one of the largest providers of banking services for institutional clients in Germany, as well as for wealthy private clients and family businesses in the jurisdiction.
The businesses have confirmed that the HAL subsidiaries which provide AIFM/management company and fund administration services are not set to be part of the acquisition and instead will continue to offer a one-stop-shop service to the market through a closed co-operation agreement.
Robert Swaak, chief executive of ABN AMRO, said: “This is a rare opportunity to add scale to our German activities. We are delighted to have reached this agreement. HAL is a long-standing leader in wealth management and has a very strong fit with ABN AMRO, both culturally and geographically.
“We share the desire to deliver the best individual solution to our clients. 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.”
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Through this transaction ABN AMRO is also entering the asset servicing business and will offer custody services, especially for illiquid assets.
Michael Bentlage, chief executive of HAL, explained: “I would like to pay tribute to our talented teams, whose efforts have greatly supported the fantastic development of the bank in the last 10 years. The proposed combination with ABN AMRO Germany will strengthen further the position in the market and gives the combined bank more opportunities for growth through even broader products and services to our clients.”