ABN Amro to buy German private bank in biggest deal since 2008 financial crisis

By Nilutpal Timsina, Yantoultra Ngui and Matteo Allievi

(Reuters) -ABN Amro has agreed to buy German private bank Hauck Aufhäuser Lampe (HAL) for 672 million euros ($730 million) from China’s Fosun International to expand in wealth management, its largest deal since the global financial crisis.

The Dutch bank’s deal comes as European lenders seek to diversify their revenues by bulking up in areas such as wealth management and private banking.

“The proposed acquisition will further strengthen our position and offer employees of the combined…