Dutch lender ABN Amro announced on Tuesday that it would buy the private German bank Hauck Aufhäuser Lampe (HAL) from the Chinese conglomerate Fosun.
ADVERTISEMENTThe sale, worth €672 million, will make ABN Amro the third-largest wealth manager in Germany.
"This is a rare opportunity to add scale to our German activities," ABN Amro CEO Robert Swaak said in a statement.
“HAL is a long-standing leader in wealth management and has a very strong fit with ABN AMRO, both culturally and geographically.”
"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," he added.
HAL has been owned by Fosun since 2016 and provides banking services for wealthy private clients, family businesses and institutional clients.
The lender manages €26 billion in assets and reported a net profit of €83 million in 2023.
Some of HAL’s units based in Luxembourg and Ireland will not be part of the acquisition, which is expected to close in the first quarter of 2025.
Fosun has recently been increasing efforts to slim down its portfolio after expanding its foreign operations before the pandemic.
In April, the Chinese group sold a 9% stake in Belgium insurer Ageas to BNP Paribas for €730 million.
Sources have also suggested that it is considering a whole or partial sale of its luxury resort Atlantis in southern China.
