Of Special Interest
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.