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

May 28 (Reuters) – ABN Amro (ABNd.AS), opens new tab has agreed to buy German private bank Hauck Aufhäuser Lampe (HAL) for 672 million euros ($730 million) from China’s Fosun International (0656.HK), opens new tab 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 group the opportunity to play a driving role in the consolidating German market,” ABN Amro CEO Robert Swaak said in a statement.

Source: REUTER