Liechtenstein's LGT has announced the closing of the acquisition of ABN Amro’s private banking business in Asia and the Middle East.
LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, has successfully completed the acquisition of ABN AMRO’s private banking business in Hong Kong, Singapore and Dubai as finews.asia reported last December.
As a result of the transaction, LGT’s assets under management have grown to about $50 billion in Asia (including Middle East) and around $180 billion overall as per the end of April 2017.
Asian Boost
The acquired business includes almost $20 billion in assets under management as well as over 300 employees, of which more than 200 are front office staff.
«This acquisition has allowed us to significantly enhance our position in the attractive Asian and Middle Eastern growth markets, and we expect to achieve further profitable growth from these platforms going forward,» said Prince Max von und zu Liechtenstein, CEO of LGT.
