DutchNews, December 6, 2016
ABN Amro has agreed to sell its private
banking activities in Asia and the Middle East to LTG Bank, a leading
international private banking and asset management group based in Liechtenstein,
the Financieele Dagblad reported on Tuesday. Terms were not disclosed.
The sale
fits in with ABN Amro’s latest strategy, revealed in mid-November, to
concentrate on further development of its private banking operations in
northwest Europe.
Jeroen Rijpkema, CEO of ABN Amro Private Banking
International, said: ‘We are happy to have found a strong and solid partner in
LTG which will ensure the continuity of our service to clients and the future
of our staff.’
ABN Amro’s Asian unit has about €18.5bn in assets under
management for clients in Singapore, Hong Kong and Dubai and is the 18th
largest private bank in Asia. The Asian
operation also accounts for roughly 10% of all assets under management by ABN
Amro worldwide.
The transaction, expected to be completed by the second quarter
of 2017, is subject to approval of relevant banking authorities.
ABN Amro
expects a ‘considerable book profit’ on the deal. US press bureau Bloomberg
earlier put this at about $300m.
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