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Dutch lender ABN Amro announced on Tuesday that it would buy the private German bank Hauck Aufhäuser Lampe (HAL) from the Chinese conglomerate Fosun.
ADVERTISEMENTThe sale, worth €672 million, will make ABN Amro the third-largest wealth manager in Germany.
“This is a rare opportunity to add scale to our German activities,” ABN Amro CEO Robert Swaak said in a statement.
“HAL is a long-standing leader in wealth management and has a very strong fit with ABN AMRO, both culturally and geographically.”
“The proposed acquisition…