Deal to boost its top 3 wealth management position in Germany
Purchase expected to close in first quarter of 2025
Fosun has stepped up efforts to sell assets

May 28 Reuters Dutch lender ABN Amro has agreed to buy private bank Hauck Aufhäuser Lampe HAL for 672 million euros 730 million, strengthening its position as one of the top three wealth management firms in Germany.

The sale by Fosun International comes as the Chinese conglomerate, once one of the country39;s most acquisitive, seeks to pare down its portfolio.

This is a rare opportunity to add scale to our German activities, ABN Amro CEO Robert Swaak said in the statement.

The proposed acquisition will further strengthen our position and offer employees of the combined group the opportunity to play a driving role in the consolidating German market, he added.

Germany is the largest private banking market in Europe.

The purchase, which is expected to close in the first quarter of 2025, will increase assets under management by 26 billion euros and add 2 billion euros in loans.

Some of HAL39;s units, such as those that provide alternative investment fund management or fund administration services will not be part of the acquisition.

Fosun said in a statement that it will use the sale proceeds for general working capital.

This year, it has stepped up efforts to streamline its assets. In April, Fosun sold a 9 stake in Belgium insurer Ageas to BNP Paribas for 730 million euros.

It is also exploring a sale of…