Chinese conglomerate Fosun has been selling assets in its portfolio, including from the financial sector. And in the latest, it has decided to unload German private bank HAL.
ABN AMRO has reached an agreement with Fosun International to acquire Hauck Aufhäuser Lampe (HAL) for 672 million euros ($731 million), according to a statement.
«This is a rare opportunity to add scale to our German activities,» said ABN AMRO CEO Robert Swaak. «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.»
Financial Sales
This marks yet another sale by Chinese conglomerate Fosun in the financial sector. In April, it sold a 9 percent stake in Belgium insurer Ageas to BNP Paribas for 730 million euros.
