Dutch Bank ABN AMRO Buys Germany Private Bank Hauck Aufhäuser Lampe with $28 Billion AUM for $983 Million from China Fosun International, Combined Group AUM of $76 Billion with ABN AMRO Germany Bethmann Bank Existing $47 Billion AUM & Becomes Germany 3rd Largest Private Bank
29th May 2024 | Hong Kong
Dutch Bank ABN AMRO has announced to buy Germany private bank Hauck Aufhäuser Lampe with $28 billion AUM (EUR 26 billion, Assets under Management) for $983 million (EUR 672 million) from China Fosun International. The combined group AUM will be $76 billion (EUR 70 billion ) with ABN AMRO Germany Bethmann Bank existing $47 billion AUM (EUR 44 billion), and the group to become Germany 3rd largest private bank after the acquisition. In 2016, Fosun International bought Hauck & Aufhauser and merged with Bankhaus Lampe. Fosun International is co-founded by China billionaire Guo Guangchang. ABN AMRO (28/5/24): “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.”
“ Dutch Bank ABN AMRO Buys Germany Private Bank Hauck Aufhäuser Lampe with $28 Billion AUM for $983 Million from China Fosun International, Combined Group AUM of $76 Billion with ABN AMRO Germany Bethmann Bank Existing $47 Billion AUM & Becomes Germany 3rd Largest Private Bank “
Robert Swaak, CEO of ABN AMRO: “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: “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: “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.
Dutch Bank ABN AMRO Clients Data Leaked after Supplier AddComm Attacked by Ransomware, AddComm Distributes Documents & Tokens Physically & Digitally to Clients & Employees
27th May 2024 – Dutch bank ABN AMRO clients data had been leaked after supplier AddComm was attacked by ransomware. AddComm distributes documents & tokens physically & digitally to ABN AMRO clients & employees. ABN AMRO (24/5/24): “Last week, one of ABN AMRO’s suppliers, AddComm, was attacked by ransomware. As a result, unauthorised parties may have obtained access to data of a limited number of ABN AMRO clients. We will contact the clients who may be affected in writing. At the moment, there are no indications that unauthorised parties have in fact used the data of ABN AMRO clients. ABN AMRO’s systems were not affected. AddComm engaged external cybersecurity experts as soon as it discovered the ransomware and then notified its customers, one of which is ABN AMRO. ABN AMRO is in close contact with AddComm and has stopped using its services for the time being. External cybersecurity experts are currently investigating exactly what data has been stolen at AddComm. We are writing to customers whose data may be involved in this attack. ABN AMRO has reported the data breach to the Dutch Data Protection Authority and regulators. AddComm is preparing to file a police report.”
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