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 ABN AMRO plan comes after several banks have withdrawn from private banking in Asia due to the pressure of cost reduction and slowing growth int the region.
“DBS & Julius Baer are contemplating bids for ABN AMRO Group’s Asia Private Banking Business that manages about $20 billion in assets.”
The bank which listed on the stock market in November after seven years under government currently has about 130 bankers to the rich in Asia and Middle East.
About ABN AMRO
ABN AMRO serves retail, private and corporate banking clients with a primary focus on the Netherlands and with selective operations internationally. In the Netherlands, clients are offered a comprehensive and full range of products and services through omni-channel distribution including advanced mobile application and internet banking. Internationally, we are active in areas in which we have substantial expertise.
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