ABN AMRO´s acquisition of BethmannMaffei further strengthens its private banking position in G

ABN AMRO has agreed to acquire the private bank BethmannMaffei from Hypovereinsbank (HVB), for € 110 million in cash. The acquisition will bring the total of ABN AMRO´s German private banking assets under administration to over € 10 billion. BethmannMaffei will be merged with Delbrück & Co, ABN AMRO´s current platform in the German private banking market. The merged entity will operate under the name of Delbrück BethmannMaffei. The transaction is expected to be completed by the end of January 2004 and will be subject to regulatory approval.

In terms of geographical coverage, BethmannMaffei will considerably reinforce ABN AMRO´s private banking presence in Frankfurt and Münich. In addition to Delbrück´s well-established presence in the north and west of Germany, BethmannMaffei will also provide the combined entity with access to the south of the country. In terms of clients and assets, Delbrück BethmannMaffei will be one of the best-positioned purely private banks in Germany. The combined experience in financial services of Delbrück (founded in 1712) and BethmannMaffei (founded in 1748) dates back further than any other party in the German market. BethmannMaffei will contribute its specific expertise in discretionary portfolio management and investment advice to the new entity.

The acquisition of BethmannMaffei marks a further step in ABN AMRO´s strategy to establish a significant private banking network in Europe. It currently has leading positions in the private banking markets in France (Banque NSMD, Banque OBC) and the Netherlands and a strong presence in Switzerland, Belgium and Luxembourg.

The 3 managing partners of BethmannMaffei as well as the 3 managing directors of Delbrück will join the board of directors of the combined entity. It will therefore consist of Rüdiger von Wedel (Chairman), Horst Schmidt (Deputy Chairman), Peter F. Aarts, Walter Huber, Christoph Rommel and Jürgen Vater.

As Lex Kloosterman, CEO of ABN AMRO´s private banking activities, commented, 'We are delighted to welcome the clients and staff of BethmannMaffei to ABN AMRO. This acquisition represents a further strengthening of our market position in Europe´s most attractive growth market for private banking. BethmannMaffei´s highly experienced management and staff will further enhance our expertise in private banking in Germany. The acquisition ties in with our strategy of seeking to acquire companies with well-established, local brand names and high levels of expertise in financial services. ABN AMRO will fully support Delbrück BethmannMaffei in providing additional services and products to clients.'

Rüdiger von Wedel of Delbrück & Co said, 'The long tradition of the BethmannMaffei brand and the expertise and professionalism of its employees, as well as its geographical base, make the bank a perfect fit with Delbrück & Co.'

Horst Schmidt of BethmannMaffei said, 'We are pleased to join one of the largest private banking networks in Europe. Being supported by the global expertise that is available in such a network, we will be able to extend the value of our wealth management proposition even further.'

Source: ABN AMRO

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