(CercleFinance.com) – The Dutch financial group ABN Amro announced Monday evening that it would acquire the German private bank Hauck Aufhäuser Lampe, an operation which will allow it to strengthen its wealth management activities in the country .
In a press release, ABN indicates that it has concluded the purchase of Hauck Aufhäuser Lampe from the Chinese Fosun International for an amount of 672 million euros.
With this transaction, Bethmann Bank – its private banking subsidiary in Germany – will become one of the country’s leading establishments in terms of high net worth clients, family inheritance and institutional clients.
Taking into account the 26 billion euros in assets under management contributed by Hauck Aufhäuser Lampe, its portfolio will increase to around 70 billion euros in assets.
On the Amsterdam Stock Exchange, investors welcomed this acquisition, considered ‘accretive’ with a gain of around more than 0.8%, when the AEX index was generally stable.
‘While the target is expected to generate capital, we expect that once the transaction is priced into guidance, it will also result in a downward revision of estimates in terms of future share repurchases ‘, warn UBS analysts.
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