Financial institutions - ABN Amro buys private bank Hauck Aufhäuser Lampe.
"The purchase of Hauck Aufhäuser Lampe in central Germany aligns with our growth goals and displays our continuous commitment to increasing our presence in this significant region," commented ABN-Amro CEO Robert Swaak. Last year, the Bethmann Bank's German branch witnessed an increase in managed assets, reaching approximately 44 billion euros, while Hauck Aufhäuser Lampe expanded the German business to approximately 70 billion euros. This merged financial entity is projected to be the third-largest wealth management provider in Germany. Moreover, parts of fund management and corporate business will also be included in the acquisition.
However, the Luxembourgish and Irish subsidiaries of Hauck Aufhäuser Lampe, which focus on Asset Servicing or services related to funds, are not involved in the deal. Fosun will continue to maintain these entities. Hauck Aufhäuser Lampe's roots date back to 1796. Fosun, established by billionaire Guo Guangchang, acquired the bank in 2015, and Bankhaus Lampe was added in 2021. Fosun is currently divesting assets to lessen its debt load following numerous acquisitions."
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ABN-Amro's expansion in Germany continues as they acquire Hauck Aufhaüser Lampe, a private bank based in Frankfurt am Main. Although the deal does not include Hauck Aufhaüser Lampe's Luxembourgish and Irish subsidiaries, the merged entity is expected to become the third-largest wealth management provider in Germany. Interestingly, Bankhaus Lampe, a part of Hauck Aufhaüser Lampe, was only recently added to the bank in 2021.
ABN AMRO's growth strategy extends beyond the Netherlands, as they look to increase their presence in Germany, a move that echoes the expansion of other banks such as China Construction Bank (CCB), which recently opened a new branch in Amsterdam.
Despite Fosun's decision to divest assets to reduce debt, they have maintained Hauck Aufhaüser Lampe's Luxembourgish and Irish subsidiaries, which focus on asset servicing and fund management. This strategic move allows Fosun to continue benefiting from these profitable sectors.
The acquisition by ABN-Amro signifies the attractiveness of Frankfurt am Main as a financial hub, not just for European banks like ABN-Amro and CCB, but also for international investors looking to tap into Germany's robust financial market.
Source: www.stern.de
