ABN AMRO completes acquisition of Hauck Aufhäuser Lampe in Germany

With the acquisition of HAL, Bethmann Bank – ABN AMRO’s private banking arm in Germany – will become one of the largest providers of banking services for high-net-worth private clients, family entrepreneurs and independent external asset managers. ABN AMRO is also a prominent provider of financial services for corporate and institutional clients in Germany. The combined entity will have 2,000 employees at 18 locations in Germany and Luxembourg, and will manage assets worth over EUR 70 billion, solidifying its position as a top-three player in the German wealth management sector. The combined bank aims to further expand its assets under management going forward.

Marguerite Bérard, CEO of ABN AMRO, commented: "We are delighted to have completed this acquisition. The future merger will create a major new player in the German wealth management market and strengthens our corporate and institutional banking activities, offering a broader range of products and services to our clients."

Two brand strategy

ABN AMRO will continue to pursue a two-brand strategy in Germany. The Bethmann HAL brand will represent the combined wealth management activities of both institutions in the future. The ABN AMRO brand will encompass all activities in corporate and institutional banking, asset management, capital markets business and asset servicing. HAL's asset servicing business in Luxembourg and Germany will be made available group-wide to ABN AMRO's clients. Fosun retains full ownership of Hauck Aufhäuser Fund Services S.A in Luxembourg and its subsidiaries, which will continue to provide fund administration services as part of the One-Stop-Shop model for Asset Servicing clients.

Choy van der Hooft-Cheong, Chief Commercial Officer Wealth Management at ABN AMRO, added: "ABN AMRO was already one of the leading wealth management players in Europe, with assets under management of around EUR 240 billion group-wide. We are further strengthening this position through HAL. Our German and international clients will benefit from an enhanced offering, a broader product range, and improved customer service."

ABN AMRO has agreed to pay the book value of HAL excluding the fund administration business. At closing ABN AMRO will pay EUR 672 million followed by a closing settlement in due course for any difference to the actual book value. The Q3 quarterly report will show consolidated financials including the contribution of HAL at 1 July. At Q2 results, ABN AMRO will supply guidance on expected financial impact of consolidation of the HAL financials for 2025.

The transaction was signed end of May 2024 and legally completed on 1 July 2025. ABN AMRO now holds 100% of the shares in HAL.