ABN Amro Acquires German Bank HAL from China’s Fosun for €672 Million

ABN Amro Bank NV has agreed to acquire German private bank Hauck Aufhäuser Lampe (HAL) from Chinese conglomerate Fosun International for €672 million ($730 million). The transaction, expected to close in the first quarter of 2025, will significantly bolster ABN Amro's wealth management operations in Germany. The acquisition will add €26 billion in assets under management and €2 billion in loans to ABN Amro’s private banking arm, Bethmann Bank AG, increasing the combined assets under management to approximately €70 billion.

The sale is part of Fosun International's strategy to streamline its portfolio and improve liquidity. Fosun, which has been involved in a series of asset sales to reduce debt, acquired HAL in 2016 through its entity Bridge Fortune. The proceeds from the sale will be used to enhance Fosun's working capital. Some units of HAL, including those providing alternative investment fund management and fund administration services, will not be included in the transaction but will continue operations under a cooperation agreement.

ABN Amro aims to strengthen its position as one of the top three wealth management firms in Germany through this acquisition. The deal is also expected to impact ABN Amro’s Common Equity Tier 1 (CET1) ratio by around 45 basis points, aligning with the bank's strategy to grow its wealth management segment and reduce dependency on interest income.