Fintech
ABN AMRO announces the acquisition of Hauck Aufhäuser Lampe
ABN AMRO announces that it has reached an agreement with Fosun International for the acquisition of Hauck Aufhauser lamp (“HAL”), a leading German private bank.
With the acquisition of HAL, Bethmann Bank – the private banking arm of ABN AMRO in Germany – will become one of the largest providers of banking services to wealthy private clients, family businesses and institutional clients in Germany.
HAL’s subsidiaries providing AIFM/Manco and fund administration services will not be part of the acquisition. These entities and HAL have entered into a cooperation agreement to continue offering the successful One-Stop-Shop service on the market.
Robert Swaak, CEO of ABN AMRO, said: “This is a rare opportunity to expand our operations in Germany. We are pleased to have reached this agreement. HAL is a long-standing leader in wealth management and has a strong fit with ABN AMRO, both culturally and geographically. We share the desire to provide the best individual solution to our customers. The proposed acquisition will further strengthen our position and offer employees of the combined group the opportunity to play a leading role in the consolidation of the German market. I look forward to working with the HAL team to realize our shared ambition.”
Choy van der Hooft-Cheong, Commercial Director Wealth Management at ABN AMRO, said: “I am very pleased with the acquisition of HAL and look forward to meeting our new colleagues soon. This acquisition will allow us to expand and improve our current product and service offering for both individual and corporate clients in the important German private banking market.”
Michael Bentlage, CEO of HAL, also commented on the transaction: “I would like to pay tribute to our talented teams, whose efforts have greatly supported the bank’s extraordinary development over the past 10 years. The proposed combination with ABN AMRO Germany will further strengthen the market position and offer the combined bank greater growth opportunities through even broader products and services for our clients.”