Liechtenstein's LGT Bank sells German unit to ABN Amro
Liechtenstein's LGT bank, controlled by the small country's royal family, said on Thursday it will sell its German unit to ABN Amro for an undisclosed amount.
According to a press release, LGT Deutschland will be sold to German private bank Delbrueck Bethmann Maffei, fully owned by ABN Amro.
The transaction, which is expected to be completed at the end of the year, is still subject to regulatory approval.
LGT Bank and Delbrueck have also reached an agreement whereby Delbrueck clients have access to LGT products, the bank said.
In the press release, prince Max von und zu Liechtenstein, the head of the LGT group, said the bank "has found a good solution for our clients and collaborators in Germany."
"For our clients, it is important that they continue to have access to LGT Bank products," he said.
The LGT group has been owned for 80 years by the micro-state's ruling family, and employs some 1,900 people in 29 offices around the world.
On June 30, it managed 88.1 billion francs ($98.4 billion, 72.2 billion euros) in assets.
An LGT spokesman said the bank had been present in Germany since 2003, and manages around two billion euros there.
© 2011 AFP