The Dutch bank ABN Amro said it is selling its private banking operations in Asia and the Middle East to LGT, a Liechtenstein-private bank and asset manager for an undisclosed sum.
The operations on the block manage US$20 billion in assets for clients, representing about 10 per cent of ABN Amro’s global assets under management. The bank said it was selling the business in Asia and the Middle East, where there is much competition, to focus on private banking in north-west Europe.
“Private banking is a core activity of ABN Amro,” said Jeroen Rijpkema, the chief executive of ABN Amro Private Banking International. “After a strategic review, we have decided to focus on further strengthening and growing our private banking activities in north-west Europe.
“The transfer of our private banking business in Asia and the Middle East is the logical next step in implementing this strategy. We are happy to have found in LGT a strong and solid partner to ensure continuity of service in the best interest of our clients and staff involved.”
The deal is subject to regulatory approval and is expected to close in the second quarter of next year.
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