-ABN AMRO agrees to buy LGT Group unit.
Global Banking News - 04 October 2011
Dutch lender ABN AMRO Bank (OTC: ABNYY) has agreed to acquire Frankfurt-based LGT Bank Deutschland, the German private banking unit of LGT Group.
The terms of the transaction, which is subject to regulatory approval, have not been disclosed. The deal is expected to close in the fourth quarter of 2011.
Under the agreement, LGT Bank Deutschland will become part of Delbruck Bethmann Maffei, a fully owned subsidiary of ABN AMRO, increasing its assets under management to EUR20bn.
'LGT Bank Deutschland has a strong fit with Delbruck Bethmann Maffei, as both banks have similar business models. Bringing the two together will create new opportunities for our clients and will further enhance our private banking activities in Germany,' said ABN AMRO CEO of Private Banking International, Jeroen Rijpkema.
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