BGL BNP Paribas and ABN AMRO Bank N.V. announce that they have signed an agreement concerning the acquisition by BGL BNP Paribas of all the outstanding shares in ABN AMRO Bank (Luxembourg) S.A. and its fully owned subsidiary ABN AMRO Life S.A. BGL BNP Paribas will transfer the activities of ABN AMRO Life S.A. to Cardif Lux Vie immediately following the acquisition. The proposed transaction, which is still subject to regulatory approval, should be finalized by the third quarter of 2018.
Pieter van Mierlo, CEO Private Banking of ABN AMRO Bank, said: “We are a leading player in Private Banking in North-West Europe and are currently investing in, and further integrating, our activities across our core markets, to realise benefits of scale. The wealth management market is fast changing and consolidating further as scale becomes more important in order to invest in staff and systems needed to provide optimal services to our clients. In Luxembourg we do not see possibilities to increase to the scale necessary. We concluded that the transfer of our wealth management and insurance activities in Luxembourg to BGL BNP Paribas would be in the best interest of our clients.”
Carlo Thill, Country Head of BNP Paribas in Luxembourg, chairman of the Management Board of BGL BNP Paribas and chairman of the Board of Directors of Cardif Lux Vie, added: “This acquisition will reinforce the key positions that the BNP Paribas group in Luxembourg holds in the wealth management and in the insurance market. We want to play an active and responsible role in the consolidation process that is currently taking place in this sector. We assure the clients of ABN AMRO Bank (Luxembourg) and ABN AMRO Life that we are fully committed to ensuring a seamless transition and an irreproachable quality of service.”
Vincent Lecomte, co-CEO of BNP Paribas Wealth Management, stated: “We are delighted to bring to these wealth management clients our best-in- class customer experience, our extensive international network and our expertise both at Wealth Management and across our integrated Group. This acquisition is part of our strategy of growth and will enable us to strengthen our role as a growing player, not just in Luxembourg, but in the expanding world-wide wealth market where we are the largest wealth manager in the Eurozone and a leading global player world-wide with 364 billion euros of assets under management.”