ABN Amro to sell $20 billion of Asia, West Asia banking

ABN Amro NV agreed to sell its private-banking assets in Asia and the West Asia to Liechtenstein-based LGT to focus on its European operations. The unit manages about $20 billion in Singapore, Hong Kong and Dubai, representing about 10 per cent of ABN Amro’s private-banking assets globally, the Dutch bank said in a statement on Tuesday.

The company expects a “substantial book gain” on the sale, it said without disclosing a selling price. “After a strategic review, we have decided to focus on further strengthening.

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