ABN AMRO intends to acquire one of the leading German private banks, DelbrÃ¼ck & Co. For this purpose both parties have signed a letter of intent on the 18th of September 2002. The agreement excludes the property development activities of DelbrÃ¼ck. Furthermore, ABN AMRO will have full recourse on risks and costs related to DelbrÃ¼ckÂ's loan book portfolio.
DelbrÃ¼ck and its name will be the private banking platform of ABN AMRO in Germany and provide foundation for further growth. The long tradition of the brand DelbrÃ¼ck as well as its high quality staff makes the bank a perfect fit within the portfolio of ABN AMRO private banks. Recognising the importance of the German market to ABN AMROÂ's private banking strategy, the acquisition of DelbrÃ¼ck forms a structural part of establishing a European private banking network. The client base of the new DelbrÃ¼ck will consist of more than 7,500 wealthy clients.
Subject to approval of the regulatory authorities, the new head of DelbrÃ¼ck will be RÃ¼diger von Wedel, currently head of ABN AMROÂ's private banking in Germany. The senior management of the combined entity will furthermore consist of two partners of DelbrÃ¼ck, Christoph Rommel and Wolf-Christian MaÃŸner. DelbrÃ¼ckÂ's partner Peter van der Heydt will remain associated with the Bank in a non-executive role. Jan Koopman, chairman of the Supervisory Board of ABN AMRO Holding Germany will also be chairman of the Supervisory Board of DelbrÃ¼ck & Co.
Jan Peter Schmittmann, head of ABN AMROÂ's business units Private Clients and New Growth Markets, said: 'DelbrÃ¼ck is a strong brand in GermanyÂ's private banking business and is highly regarded amongst wealthy clients as well as family businesses and entrepreneurs. With this acquisition we clearly strengthen our market position in the most attractive growth market in private banking in Europe. This forms part of our policy to acquire companies with a strong expertise in financial services. DelbrÃ¼ck will be part of our steadily growing asset gathering network in Europe.'
Peter von der Heydt from DelbrÃ¼ck said: 'We are happy to join one of the largest banks in Europe. Thus, our customers will benefit of the global competences of an international banking network. The future of DelbrÃ¼ck and its brand name will be secured and it will be in the position to grow the business even further.'
(source: ABN Amro)