ABN Amro agrees €672mn deal with China’s Fosun for German private bank

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ABN Amro has agreed to buy German private lender Hauck Aufhäuser Lampe for €672mn from Chinese conglomerate Fosun, as the Dutch bank bets on rising demand for financial advice from wealthy families in Europe’s largest economy.

The acquisition will turn ABN Amro, which already owns German private lender Bethmann Bank, into the country’s third-largest wealth manager, the Dutch bank said on Tuesday.

ABN Amro is…