ABN Amro to buy German lender Hauck Aufhäuser Lampe for $729 mln (updated)

FOSUN INTERNATIONAL

28/05/2024 01:48

(Adds details, background in paragraphs 2-4)
       May 27 (Reuters) - Dutch bank ABN Amro  ABNd.AS  said on
Monday it had reached an agreement with Fosun International
 0656.HK  to acquire its banking subsidiary and German private
bank Hauck Aufhäuser Lampe (HAL) for 672 million euros ($729.93
million). 
    Chinese conglomerate Fosun had acquired HAL in 2016,
according to its website.
    ABN Amro said in a statement the acquisition will add 26
billion euros in its assets under management and 2 billion euros
in loans, and expects the deal to have approximately a 45
basis-point impact on its CET1 ratio based on first-quarter 2024
results.
    The transaction is expected to close in the first quarter of
2025, the Dutch bank said. 
    
    ($1 = 0.9206 euros)
    

 (Reporting by Nilutpal Timsina in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Nilutpal.Timsina@thomsonreuters.com; +91 86382 04706;))