ABN Amro is selling its private banking assets in Asia and the Middle East to LGT of Liechtenstein. The bank now wants to focus on its European operations. The units manage about $20 billion in Singapore, Hong Kong and Dubai, representing about 10% of bank’s private banking assets globally. The bank said the sale is part of its strategy to focus on further strengthening and growing its private banking activities in northwest Europe. Julius Baer and DBS Group had evinced interest in the units. According to valuations, the sale would bring in more than $300 million for ABN Amro. LGT will increase its assets under management to more than $40 billion in Asia and about $160 billion in total.
