ABN Amro: acquires private bank in Germany

(CercleFinance.com) - Dutch financial group ABN Amro announced on Monday evening that it is to acquire German private bank Hauck Aufhäuser Lampe, a move that will enable it to strengthen its wealth management activities in the country.


ABN states that it has completed the acquisition of Hauck Aufhäuser Lampe from China's Fosun International for E672m.

With this transaction, Bethmann Bank - its private banking subsidiary in Germany - will become one of the country's leading institutions for high net worth, family inheritance and institutional clients.

Taking into account the E26bn in assets under management contributed by Hauck Aufhäuser Lampe, its portfolio will thus increase to some E70bn in assets.

On the Amsterdam stock exchange, investors welcomed the acquisition as "accretive", with a gain of around 0.8%, while the AEX index was fairly stable.

While the target is expected to be capital accretive, we expect that once the transaction is incorporated into forecasts, it will also result in a downward revision of estimates in terms of future share buybacks, warn UBS analysts.


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