Published by Hubbis – 2nd May 2017
LGT has announced it has completed the acquisition of ABN AMRO’s private banking business in Hong Kong, Singapore and Dubai.
This includes almost USD20 billion in AUM as well as over 300 employees, of which more than 200 are front-office staff.
After first being announced on 6 December 2016, the deal increases LGT’s AUM to around USD50 billion in Asia (including the Middle East) and roughly USD180 billion overall, as per the end of April 2017.
Said H.S.H. Prince Max von und zu Liechtenstein, chief executive officer of LGT: “This acquisition has allowed us to significantly enhance our position in the attractive Asian and Middle Eastern growth markets, and we expect to achieve further profitable growth from these platforms going forward.”
