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Bond Market News
ABN Amro Buys German Bank From Fosun International
May 29, 2024
ABN Amro has agreed to buy German bank Hauck & Aufhäuser Lampe Privatbank AG for €672mn from Fosun International. The purchase will add €26bn of AUM, taking the assets at its German wealth management arm to around €70bn. The deal will also make ABN Amro the third biggest private bank in Germany. The deal comes on the back of Fosun’s strategy of selling its non-core assets to bring down its debt burden. As reported earlier, Fosun has sold stakes in holdings such as Ageas, Peak Re, FFT Group. ABN Amro will see an impact of around 45bp on its CET1 ratio due to the acquisition, according to a statement released by the company.
ABN Amro’s bonds were broadly stable with its 6.339% 2027s at 101.16 yielding 5.8%.
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