ABN Amro acquires Germany’s Hauck Aufhäuser Lampe in €672m deal
ABN Amro, one of the Netherlands’ largest banks, has agreed a deal with Fosun International to acquire Hauck Aufhäuser Lampe (HAL), a German private bank founded in 1796, for €672 million.
ABN Amro buys HAL for €672m
The Dutch giant anticipates that the combination of HAL with its German private banking arm Bethmann Bank will solidify its “top three position” in the German wealth management sector.
The merged entity is expected to manage approximately €70 billion in assets, with HAL contributing €26 billion in assets and €2 billion in loans.
ABN Amro believes HAL’s private banking services and strong presence in Germany complement the bank’s “existing client base and geographical coverage”.
Following the deal, ABN Amro is expected to enter the asset servicing sector, offering custody solutions particularly for illiquid assets. Moreover, ABN Amro plans to leverage HAL’s “expertise and coverage” in the German midcap sector and its investment banking services to enhance its corporate banking ambitions within the country.
Robert Swaak, CEO of ABN Amro, describes the acquisition as a “rare opportunity to add scale to our German activities”, adding that the purchase will “further strengthen our position and offer employees of the combined group the opportunity to play a driving role in the consolidating German market”.
The deal, anticipated to close in Q1 2025 pending regulatory approvals, will not include HAL subsidiaries that provide AIFM/Manco and fund administration services.
