Baker & McKenzie has advised LGT Group Foundation ('LGT') on its agreement with ABN AMRO to acquire its private banking business in Asia and the Middle East.
Under the agreement, LGT, the leading international private banking and asset management group owned by the Princely House of Liechtenstein, will acquire ABN AMRO's businesses in Hong Kong, Singapore and Dubai with approximately USD 20 billion in assets under management.
The acquisition, by way of an asset purchase agreement, is a major step in the implementation of LGT's growth strategy and will further enhance its strong footprint in Asia and the Middle East. As a result of the transaction, LGT expects to increase its assets under management to more than USD 40 billion in Asia and to approximately USD 160 billion overall.
Completion of the transaction is due to take place in the second quarter of 2017, subject to approvals of the relevant authorities.
The deal was led by Singapore Principal Wong Ai Ai who is a member of Baker & McKenzie's Global Executive Committee and Deputy Chair of the Asia Pacific Regional Council. Mrs Wong commented:
We are delighted to have advised LGT on this transaction in two regions with rapidly growing private wealth markets.
"One of Baker & McKenzie's strengths is bringing together cross-border teams that offer long-standing local market knowledge. This insight is essential in a transaction like this where local regulatory requirements are a key consideration. We are pleased we could support LGT in each country and help them complete this important transaction to their international growth strategy."
Olivier de Perregeaux, Group Chief Financial Officer for LGT commented that "the competent advice and relentless support of Baker & McKenzie was instrumental to the success of the transaction".
Alongside Wong Ai Ai, the team included Alex Tan (Local Principal), Eunice Tan (Senior Associate) and David Yong (Associate) in Singapore, Karen Man (Partner), Michael Horman (Partner) and Frank Meier (Special Counsel) in Hong Kong and Mazen Boustany (Partner) in Dubai.