DBS & Julius Baer Bidding for ABN AMRO Asia Wealth Unit
DBS & Julius Baer are contemplating bids for ABN AMRO Group’s Asia Private Banking Business that manages about $20 billion in assets. ABN AMRO has hired Lazard Ltd to advise on the sale. The sale could fetch somewhere between $300 & $350 million or 1.5 – 1.75% of assets under management.
ABN AMRO plan comes after several banks have withdrawn from private banking in Asia due to the pressure of cost reduction and slowing growth int the region.
News Source: Reuters
About ABN AMRO
ABN AMRO has a long-standing history in banking with certain of its business operations having roots in the early 18th century. The bank serves retail, private and corporate banking clients with a primary focus on the Netherlands and with selective operations internationally. ABN Amro’s colour code (green and yellow) communicate the message of ABN Amro shield. Green symbolises unchanging values and stability. Yellow symbolises optimism for the future. Used together, these colours convey aspiration. An ambition that inspires recognition.
- Origin : Amsterdam, Netherlands
- Assets : EUR 390.3 billion
- Revenue : EUR 8.46 billion
- Employees : 22,048
Official Website: www.abnamro.com
News & Media: Press Release
Updated on 8th August 2016