Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
30th September 2011
ABN Amro buys LGT Bank Deutschland
ABN Amro is to buy LGT Bank Deutschland and will incorporate it within Delbrück Bethmann Maffei, a fully owned subsidiary, subject to regulatory approvals and normal closing conditions. The bank expects the deal to close before year end. ABN Amro is currently the third largest private bank in Germany and will remain so after the acquisition. Following the acquisition the bank will have approximately €20bn (£17.4bn $27.3bn ¥2,084bn Y174.3bn) AUM.
Jeroen Rijpkema, CEO of Private Banking International said: "The acquisition of LGT Bank Deutschland fits perfectly with our strategy to expand our private banking activities in the Eurozone and Asia. LGT Bank Deutschland has a strong fit with Delbrück Bethmann Maffei, as both banks have similar business models. Bringing the two together will create new opportunities for our clients and will further enhance our
private banking activities in Germany."
LGT recently attempted to buy BHF from Deutsche Bank. Reasons the deal collapsed remain unclear however it is perhaps the case that without an acquisition LGT decided it did not have the scale to succeed in Germany.