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ABN Amro sells private banking biz to LGT

ABN Amro Bank has concluded the sale of its private banking business in Asia and Middle East to Liechtenstein’s LGT. Owned by the Princely House of Liechtenstein, LGT is an international private banking and asset management group. The ABN Amro bank unit has presence in Hong Kong, Singapore and Dubai. LGT’s assets under management have grown to about $50 billion in Asia (including Middle East) and around $180 billion overall. The acquired business includes almost $20 billion in assets under management as well as over 300 employees, of which more than 200 are front office staff.

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