ABN AMRO has finalised its previously announced €672m acquisition of Hauck Aufhäuser Lampe (HAL), in a move to bolster its presence in the German banking market.
The purchase was completed following all necessary regulatory approvals. Bridge Fortune Investment, a subsidiary of Fosun International Group, is the seller in the deal.
The subsidiaries of Hauck Aufhäuser Lampe offering alternative investment fund manager (AIFM)/Manco and Fund Administration services are not included in the acquisition.
Instead, these entities, along with Hauck Aufhäuser Lampe, had entered into a cooperation agreement to maintain their service offering in the market.
The transaction was signed in May 2024. It positions Bethmann Bank, ABN AMRO’s private banking division in Germany, as one of the major service providers for high-net-worth individuals, family entrepreneurs, and independent external asset managers.
The combined entity will operate with 2,000 employees across 18 locations in Germany and Luxembourg and manage assets exceeding €70bn, solidifying its status as a top-three player in the German wealth management sector.
ABN AMRO CEO Marguerite Bérard said: “We are delighted to have completed this acquisition. The future merger will create a major new player in the German wealth management market and strengthens our corporate and institutional banking activities, offering a broader range of products and services to our clients.”
ABN AMRO plans to maintain a two-brand strategy in Germany. The Bethmann HAL brand will continue handling combined wealth management services, while the ABN AMRO brand will cover corporate and institutional banking, asset management, capital markets business, and asset servicing.
Hauck Aufhäuser Lampe’s asset servicing operations in Luxembourg and Germany will be accessible to ABN AMRO clients group-wide. Fosun retains ownership of Hauck Aufhäuser Fund Services in Luxembourg, which continues to provide fund administration services.
ABN AMRO wealth management chief commercial officer Choy van der Hooft-Cheong said: “ABN AMRO was already one of the leading wealth management players in Europe, with assets under management of around EUR 240 billion group-wide.
“We are further strengthening this position through HAL. Our German and international clients will benefit from an enhanced offering, a broader product range, and improved customer service.”
