Fosun International, a Chinese conglomerate, is set to sell Hauck Aufhauser Lampe (HAL) to ABN AMRO Bank. This strategic move solidifies ABN AMRO’s position as one of the leading wealth-management firms in the country. Next year, in the first quarter, we expect them to finalise the acquisition valued at €672 million.
Consequently, the deal will bring €26 billion in assets to ABN AMRO. This contribution is estimated to bring an additional €2 billion in loans to their business. Fosun International plans to utilise the proceeds from the HAL sale for general working capital needs. Moreover, this aligns with ABN AMRO’s ongoing efforts to streamline assets and reduce debt. They recently sold a 9% stake in Belgium insurer Ageas to BNP Paribas for €730 million. They are also exploring the possibility of selling all or part of their luxury resort, Atlantis, in southern China.
Additionally, Fosun International is considering selling their remaining 20% stake in Portugal’s Millennium bcp after previously disposing of some shares this year. The purchase of HAL will increase ABN AMRO’s assets under management by €26 billion and add €2 billion in loans.
ABN AMRO’s CEO, Robert Swaak, has expressed his approval of the deal, highlighting HAL’s cultural and geographical alignment with the bank. Choy van der Hooft-Cheong, Chief Commercial Officer of Wealth Management, also expressed satisfaction with the acquisition and looks forward to working with new colleagues. HAL’s CEO, Michael Bentlage, believes that the combined bank will provide enhanced growth opportunities through a wider range of products and services for clients.
This acquisition will strengthen ABN AMRO’s position as one of the top three wealth-management firms in Germany. Therefore, Germany, being the largest private banking market in Europe, will benefit from this strengthened position.
