China's Fosun to sell German private bank to ABN Amro

 

China's Fosun to sell German private bank to ABN Amro for $730m. HONG KONG -- Fosun International has reached a deal to sell German private bank Hauck Aufhauser Lampe to Dutch government-backed ABN Amro Bank for 672 million euros ($730.4 million).

 Dutch lender ABN Amro has agreed to buy private bank Hauck Aufhäuser Lampe (HAL) for 672 million euros ($730 million), strengthening its position as one of the top three wealth management firms in Germany.

Fosun scrambles to slim down as debt burden looms. Embattled Chinese conglomerate Fosun Group is on track to shed over $3 billion worth of assets this year, streamlining its sprawling portfolio to dispel concerns over mounting debts.

Banks worry the debt-laden group may not survive unless it focuses on its strengths.

    "This is a rare opportunity to add scale to our German activities," ABN Amro CEO Robert Swaak said in the statement.

    "The proposed acquisition will further strengthen our position and offer employees of the combined group the opportunity to play a driving role in the consolidating German market," he added.

Germany is the largest private banking market in Europe.