BGL BNP Paribas Acquisition of ABN AMRO Bank Finalised

Yesterday marked the completion of the acquisition of ABN AMRO Bank (Luxembourg) S.A. by BGL BNP Paribas.

Following the agreement signed in February 2018 concerning the acquisition, by BGL BNP Paribas, of all the outstanding shares in ABN AMRO Bank (Luxembourg) S.A. and of its fully owned subsidiary ABN AMRO Life S.A., BGL BNP Paribas has announced that the transaction was completed on 3 September 2018.

As part of this transaction, the insurance company has been taken over by Cardif Lux Vie. The transaction was approved by the competent regulatory authorities.

Commenting on the matter, Geoffroy Bazin, Country Head of the BNP Paribas Group in Luxembourg, Chairman of the BGL BNP Paribas Executive Committee and Chairman of the Board of Directors of Cardif Lux Vie, said: “We are delighted that this major acquisition was successfully finalised within the agreed timeframe. The decision to further secure our Group’s footing in the private banking and insurance sectors in Luxembourg reflects our determination to play an active role in the development of the country’s financial sector." 

Co-CEO of BNP Paribas Wealth Management Vincent Lecomte added: “Amid the consolidation of the private banking market, this acquisition (representing €5.6 billion in assets under management) allows us to strengthen our position in Luxembourg in the big European entrepreneurs segment, and enables us to create synergies.”