(28 May 2024 – Netherlands) Dutch bank ABN AMRO has announced the acquisition of Hauck Aufhäuser Lampe (HAL), a leading German private bank, for €672 million.
The acquisition will strengthen ABN AMRO’s position as a top three private bank within Europe, with post-acquisition assets under management (AUM) expected to be approximately €70 billion.
The transaction will contribute €26 billion of AUM and €2 billion of loans to the Dutch banks’ balance sheet. The transaction is subject to regulatory approvals and is expected to be completed in Q1 2025.
“This is a rare opportunity to add scale to our German activities. We are delighted to have reached this agreement. HAL is a long-standing leader in wealth management and has a very strong fit with ABN AMRO, both culturally and geographically.” commented ABN AMRO CEO Robert Swaak.
“I would like to pay tribute to our talented teams, whose efforts have greatly supported the fantastic development of the bank in the last 10 years. The proposed combination with ABN AMRO Germany will strengthen further the position in the market and gives the combined bank more opportunities for growth through even broader products and services to our clients.” added HAL CEO Michael Bentlage.