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BNP Paribas acquires ABN Amro’s Luxembourg unit

BNP Paribas said it is acquiring the Luxembourg-based wealth management and insurance business of ABN Amro as part of its efforts to improve private banking assets in Europe. Vincent Lecomte, co-CEO of BNP Paribas Wealth Management, said the acquisition is part of our strategy of growth and will enable the French bank to strengthen its role as a growing player, not just in Luxembourg, but in the expanding worldwide wealth market. Earlier Nordea Bank had sold its Luxembourg wealth business to UBS Group. ABN Amro said it will now focus on investing in and integrating its existing wealth management business.

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