ABN AMRO has sold its consumer mortgage business in Malaysia to HSBC. The sale of assets comprises home mortgages in excess of USD 60 mln.
The divestment is in line with the ABN AMROÂ's strategy of focusing on its core client segments around the world and directing capital and resources towards businesses earning higher returns.
ABN AMRO Malaysia will continue to develop its wholesale (corporate and institutional) banking activities, building on its strong presence in a number of key sectors and its well established positions in corporate finance, mergers & acquisitions, financial markets, cash management and trade services. The bank will also further develop its private banking and asset management activities in the country.
(source: ABN AMRO)