ABN Amro: EU approves takeover of German HAL

(CercleFinance.com) - On Monday, the European Commission announced that it had approved ABN Amro's E672m takeover of the German private bank Hauck Aufhäuser Lampe transaction (HAL), a transaction which was formalised at the end of May.


Brussels considers that the acquisition does not raise any competition concerns, given the "limited" market shares of the new entity.

The transaction was examined under a simplified procedure.

The Dutch financial group had announced the acquisition of HAL from the Chinese conglomerate Fosun International with a view to strengthening its wealth management activities in Germany.

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 increase to some E70bn in assets.


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