ABN Amro has agreed to buy German private lender Hauck Aufhäuser Lampe for €672mn from Chinese conglomerate Fosun, as the Dutch bank bets on rising demand for financial advice from wealthy families in Europe’s largest economy.
The acquisition will turn ABN Amro, which already owns German private lender Bethmann Bank, into the country’s third-largest wealth manager, the Dutch bank said on Tuesday.
ABN Amro is paying cash for Hauck Aufhäuser Lampe, which was founded in the late 18th century but since 2016 has been owned by Fosun. It manages €26bn in assets for wealthy clients and also offers corporate banking services to family-owned businesses.
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