LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, has agreed to acquire ABN Amro’s private banking operations in Asia and the Middle East for an undisclosed amount.

The businesses in Singapore, Hong Kong and Dubai oversees about $20bn in assets.

The Liechtenstein-based bank said that the acquisition will boost its assets under management to over $40bn in Asia, more than double in the Middle East, and to nearly $160bn in total.

The deal is anticipated to be completed in the second quarter of 2017, subject to relevant approvals.

Employees of the Dutch banking group migrating as part of the deal will join LGT’s regional entities in Hong Kong, Singapore and Dubai.

LGT CEO Prince Max von und zu Liechtenstein said: "Building on our successful presence in Asia and the Middle East and on ABN Amro’s long tradition in serving clients in the region, this acquisition will allow us to further extend our market position and to achieve further profitable growth.

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“Thanks to our long-term oriented ownership and strategy, our strong capital base and our high-quality services in wealth and asset management, we can offer attractive opportunities to ABN Amro’s clients and employees, and we are very much looking forward to welcoming them within our group."

In Asia, LGT set up its first office in Hong Kong in 1986. The bank has been operating with a banking license in Singapore since 2003 and in Hong Kong since 2011. In 2012, LGT launched its main regional office in the Middle East in Dubai.

ABN Amro Private Banking International CEO Jeroen Rijpkema said: “After a strategic review, we have decided to focus on further strengthening and growing our private banking activities in Northwest Europe. The transfer of our private banking business in Asia and the Middle East is the logical next step in implementing this strategy.”

ABN Amro will however, continue to serve the region’s corporate banking clients active in energy, commodities and transportation, the diamond & jewellery sector as well as clearing, among others.