Luxembourg-based private bank BGL BNP Paribas has finalised the acquisition of all outstanding shares of ABN AMRO Bank Luxembourg and its wholly-owned subsidiary ABN AMRO Life following receipt of regulatory approval.
ABN AMRO Life has been acquired by Cardif Lux Vie as part of the deal.
BNP Paribas Group country head in Luxembourg, BGL BNP Paribas executive committee chairman, and Cardif Lux Vie chairman of the board of directors Geoffroy Bazin said: “The decision to further secure our Group’s footing in the private banking and insurance sectors in Luxembourg reflects our determination to play an active role in the development of the country’s financial sector.”
The deal financial terms were not disclosed, was first announced in February this year.
BNP Paribas Wealth Management co-CEO Vincent Lecomte said: “Amid the consolidation of the private banking market, this acquisition (representing EUR 5.6 billion in assets under management) allows us to strengthen our position in Luxembourg in the big European entrepreneurs segment, and enables us to create synergies.
“We will thus be expanding the range of services so that this new client base can access our unique solutions – in particular private equity, asset management mandates and financing – and draw upon the Group’s expertise in investment banking and real estate.”
BGL BNP Paribas, a division of French lender BNP Paribas Group, provides financial and bancassurance products to individuals, businesses and private banking clients.