ABN AMRO’s German private banking subsidiary
Delbrück Bethmann Maffei has bought LGT Bank Deutschland for an
undisclosed amount.

LGT put its 7-office German private banking
business up for sale in May following its failed bid to buy BHF

LGT Group and ABN AMRO also signed a
co-operation agreement in the area of products, allowing clients of
Delbrück access to the investment capabilities and opportunities
offered by LGT.

Delbrück’s assets under management (AuM) will
be boosted by about €2bn with the acquisition taking total AuM at
the German subsidiary to €20bn.

Clear strategic focus on Eurozone and

ABN AMRO’s buy is part of its wider strategy
to grow its private banking businesses in the Eurozone and

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Across Europe its efforts are centred on the
Netherlands, France, Germany, Belgium and Luxembourg, while in Asia
it is working to build its business in Hong Kong and Singapore.

The Dutch banking giant sold its Swiss private
banking business to Union Bancaire Privée (UBP) in August in line
with this strategy.

Repositioning ABN AMRO

ABN AMRO repositioned itself after last year’s
merger, with its home private banking operations rebranded to ABN
AMRO MeesPierson, while its international private banking business
operates under ABN AMRO Private Banking.

The LGT Bank Deutschland deal is subject of
regulatory approval and is expected to be completed in the last
quarter of 2011.