Luxembourg-based private bank BGL BNP Paribas has signed an agreement paving the way for it to acquire ABN AMRO Bank (Luxembourg) and its fully owned subsidiary ABN AMRO Life,

BGL BNP Paribas will transfer the activities of ABN AMRO Life S.A. to Cardif Lux Vie immediately following the acquisition.

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The deal means ABN AMRO will transfer its wealth management and insurance activities in Luxembourg to BGL BNP Paribas

The proposed transaction is still subject to regulatory approval and is expected to be finalised by the third quarter of 2018.

Pieter van Mierlo, ABN AMRO’s private banking CEO, said: “’We are a leading player in private banking in North-West Europe and are currently investing in, and further integrating, our activities across our core markets, to realise benefits of scale.

“The wealth management market is fast changing and consolidating further as scale becomes more important in order to invest in staff and systems needed to provide optimal services to our clients. In Luxembourg we do not see possibilities to increase to the scale necessary.”

van Mierlo added: “We concluded that the transfer of our wealth management and insurance activities in Luxembourg to BGL BNP Paribas would be in the best interest of our clients.”

Carlo Thill, country head of BNP Paribas in Luxembourg, chairman of the management board of BGL BNP Paribas and chairman of the board of directors of Cardif Lux Vie, said: “We want to play an active and responsible role in the consolidation process that is currently taking place in this [wealth management and insurance] sector.

“We assure the clients of ABN AMRO Bank (Luxembourg) and ABN AMRO Life that we are fully committed to ensuring a seamless transition and an irreproachable quality of service.”

Vincent Lecomte, co-CEO of BNP Paribas Wealth Management, commented: : “We are delighted to bring to these wealth management clients our best-in-class customer experience, our extensive international network and our expertise both at wealth management and across our integrated group.”

Lecomte added the acquisition is part of BNP Paribas Group’s wider growth strategy paving the way for the bank to become “a growing player, not just in Luxembourg but in the expanding world-wide wealth market”.

BNP Paribas Wealth Management is present in three hubs in Europe and its global AuM was €364bn, as at 31 December 2017.