ABN Amro, the third largest bank in the Netherlands, has agreed to acquire German private bank Hauck Aufhäuser Lampe (HAL) for 672 million euros.

This acquisition will add approximately 26 billion euros in assets under management and two billion euros in loans to ABN Amro's portfolio.

The deal positions ABN Amro as the second-largest player in the German market.

Expected to be finalized in the first quarter of 2025, this move will bolster ABN Amro's wealth management presence in Germany, the largest private banking market in Europe.

Fosun, the Chinese conglomerate selling HAL, will retain certain subsidiaries in Luxembourg and Ireland related to asset servicing as it aims to reduce debt.

The CEO of ABN Amro sees this acquisition as a rare opportunity to expand operations and play a significant role in the German market.

The CEO of HAL believes the deal offers both companies a chance to grow and provide more opportunities for their clients.