ABN AMRO announces the acquisition of Hauck Aufhäuser Lampe

ABN AMRO announces that it has reached an agreement with Fosun International to acquire Hauck Aufhäuser Lampe (“HAL”), a leading German private bank.

Thanks to the acquisition of HAL, Bethmann Bank – the private banking branch of ABN AMRO in Germany – will become one of the largest providers of banking services to high-net-worth private clients, family offices and institutional clients in Germany.

HAL’s subsidiaries providing AFIM/Manco and fund administration services will not be affected by the acquisition. These entities and HAL have entered into a cooperation agreement to continue to offer the successful One-Stop-Shop service offering in the market.

Robert Swaak, CEO of ABN AMRO, said: “This is a rare opportunity to scale up our operations in Germany. We are delighted to have reached this agreement. HAL is a long-standing leader in wealth management and works very well with ABN AMRO, both culturally and geographically. We are united by the desire to provide our clients with the best, individual solutions. The proposed acquisition will further strengthen our position and offer employees of the combined group the opportunity to play a leading role in the consolidating German market. I look forward to working with the HAL team to realize our shared ambitions.”

Choy van der Hooft-Cheong, commercial director for 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 enable us to expand and enhance our existing product and service offering for both individual and business 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 contributed enormously to the bank’s fantastic growth over the last 10 years. The proposed merger with ABN AMRO Germany will further strengthen our market position and provide the combined bank with greater growth opportunities with even broader products and services for our customers.