ABN AMRO announces the acquisition of Hauck Aufhäuser Lampe, strengthening top
3 position in wealth management in Germany
Today, ABN AMRO announces it has reached an agreement with Fosun International
to acquire Hauck Aufhäuser Lampe ("HAL"), a leading German private bank.
With the acquisition of HAL, Bethmann Bank - ABN AMRO's private banking arm in
Germany - will become one of the largest providers of banking services for
wealthy private clients, family businesses and institutional clients in Germany.
The subsidiaries of HAL that provide AIFM/Manco and Fund Administration services
will not be part of the acquisition. These entities and HAL have closed a co-
operation agreement to continue offering the successful One-Stop-Shop service
offering in the market.
Robert Swaak, CEO of ABN AMRO said: "This is a rare opportunity to add scale to
our German activities. We are delighted to have reached this agreement. HAL is a
long-standing leader in wealth management and has a very strong fit with ABN
AMRO, both culturally and geographically. We share the desire to deliver the
best individual solution to our clients. 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. I look
forward to working with the HAL team in realising our shared ambition."
Choy van der Hooft-Cheong, Chief Commercial Officer Wealth Management at ABN
AMRO said: "I am very pleased with the acquisition of HAL and I am looking
forward to meeting our new colleagues soon. This acquisition will enable us to
expand and improve our current product and services offering to both individual
and business clients in the important German private banking market."
Michael Bentlage, CEO of HAL, also commented on the transaction: "I would like
to pay tribute to our talented teams, whose efforts have greatly supported the
fantastic development of the bank in the last 10 years. The proposed combination
with ABN AMRO Germany will strengthen further the position in the market and
gives the combined bank more opportunities for growth through even broader
products and services to our clients."
Accelerating our strategy
The acquisition of HAL will strengthen our top 3 position in wealth management
in Germany, the largest private banking market in Europe, with combined Assets
under Management of around EUR 70 billion. HAL's private banking activities and
German footprint are highly aligned and fit extremely well with ABN AMRO's
existing client base and geographical coverage. The transaction will strengthen
our Wealth Management, Asset Management and Entrepreneur & Enterprise (E&E)
activities. In addition, ABN AMRO enters the asset servicing business, offering
custody services, especially for illiquid assets. While Bethmann Bank is one of
the largest private equity providers for high net worth clients, HAL has made a
name for itself among institutional investors and asset managers with its One
Stop Shop, Depository Solutions and Asset Servicing. This complementary offering
will be available to all clients in the future. Furthermore, HAL's Investment
Banking services will join forces with ABN AMRO Germany to complement our
Corporate Banking ambition in Northwestern Europe.
Both banks utilise an E&E proposition, targeting companies and their founders
through an integrated wealth and corporate banking offering. HAL has built up
significant expertise and coverage of the German midcap sector, which will
complement our Corporate Banking ambition in Germany.
Acquisition of HAL's asset-light, strong fee income stream fits well with our
strategy to broaden the non-NII income base, as well as complementing our
organic growth.
Strengthening financial profile
ABN AMRO has agreed to purchase HAL from Fosun International for a consideration
based on HAL's shareholders equity as of the closing date. ABN AMRO will pay
EUR 672 million at closing, which will be adjusted after closing based on
audited financials. The acquisition of HAL is expected to contribute around EUR
26 billion in Assets under Management and EUR 2 billion in loans. The
combination of HAL and Bethmann Bank will create a leading private bank in
Germany. HAL has been consistently profitable in past years and its capital is
well above regulatory minima. The overall impact of the acquisition on ABN
AMRO's CET1 ratio is expected to be approximately 45 bps based on Q1 2024
results and following carve-out of the fund administration business. Around EUR
60 million of pre-tax run-rate cost synergies are expected to be achieved over a
three-year horizon net of dyssynergies. Moreover, some upside from revenue
synergies is expected. The transaction is expected to have a pro-forma run-rate
return of equity (ROE) uplift of around 0.4% based on Q1 2024 results.
Expected timeline
Completion of the transaction is subject to relevant regulatory approvals and is
expected in Q1 2025.
ABN AMRO Press Office ABN AMRO Investor Relations
Jarco de Swart John Heijning
Senior Press Officer Head of Investor Relations
pressrelations@nl.abnamro.com investorrelations@nl.abnamro.com
(mailto:pressrelations@nl.abnamro.com) (mailto:investorrelations@nl.abnamro.c
+31 20 6288900 om)
+31 20 6282282
This press release is published by ABN AMRO Bank N.V. and contains inside
information within the meaning of article 7 (1) to (4) of Regulation (EU) No
596/2014 (Market Abuse Regulation).
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Additional information, not for publication:
A press conference will be held today, 28 May 2024 about this transaction.
Location: ABN AMRO Germany, Marienforum, Mainzer Landstraße 1, 60329
Frankfurt/Main
Time:12.00- 13.00 hrs.
Hosted by:
* Choy van der Hooft-Cheong, Chief Commercial Officer Wealth Management, ABN
AMRO Bank N.V.
* Hans Hanegraaf, Chief Country Officer ABN AMRO Germany
* Stefan Meine, Chief Commercial Officer Bethmann Bank
Language: German and English
You also have the opportunity to participate in the conference online. Please
use this Link (https://abn.yemby.com/de/teaserc).
The password is: ABN_AMRO
ABN AMRO Media Relations and ABN AMRO Investor Relations will be available for
questions and more information about the transaction from 07:00 CET.
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