LGT Group acquires ABN AMRO's Asia and Middle East private banking business

Overview:

• LGT Group Foundation (LGT) entered into an agreement with ABN AMRO to takeover the latter's private banking business in Asia and the Middle East.
• LGT is a private banking and asset management group owned by the Princely House of Liechtenstein, and it will acquire ABN AMRO's operations in Hong Kong, Singapore and Dubai for $20 billion by way of an asset purchase agreement. 
• Completion is expected to take place in Q2 of 2017, subject to approvals of the relevant authorities. 

Wai Yee Tsang - Asia Pacific - Journalist