Press Release: ABN AMRO has reached an agreement with LGT on the sale of its private banking operations in Asia and the Middl...
December 06 2016 - 1:00AM
ABN AMRO has reached an agreement with
LGT on the sale of its private banking operations in Asia and the
Middle East
In line with the strategic update as
announced on 16 November 2016, ABN AMRO has decided to sell its
private banking operations in Asia and the Middle East to LGT. LGT
is a leading international private banking and asset management
group.
Jeroen Rijpkema, CEO of ABN AMRO
Private Banking International said: 'Private banking is a core
activity of ABN AMRO. After a strategic review, we have decided to
focus on further strengthening and growing our private banking
activities in Northwest Europe. The transfer of our private banking
business in Asia and the Middle East is the logical next step in
implementing this strategy. We are happy to have found in LGT a
strong and solid partner to ensure continuity of service in the
best interest of our clients and staff involved'.
ABN AMRO Private Banking manages around
USD 20 billion (EUR 18.5 billion) of client assets in Singapore,
Hong Kong and Dubai, representing about 10% of ABN AMRO Private
Banking client assets worldwide. The transaction is subject to
approvals from the relevant authorities and closing is expected in
Q2 2017. ABN AMRO expects to realise a substantial book gain.
In the region, ABN AMRO will continue
to offer financial services to its Corporate Banking clients active
in amongst others Energy, Commodities & Transportation,
the Diamond & Jewellery sector and Clearing.
ABN AMRO Press Office
ABN AMRO Investor
Relations
Brigitte Seegers, Press Officer
Anton Groenevelt, Investor Relations
Officer
Brigitte.seegers@nl.abnamro.com
investorrelations@nl.abnamro.com
+31 6 30859888
+31 20 6282282
Press Release ABN AMRO has reached
agreement with LGT
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ABN AMRO via Globenewswire
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