ABN Amro looks to sell Asian banking unit
The state-controlled Dutch lender may join foreign banks, including Barclays and Société Générale, selling wealth management operations in Asia to local competitors
SINGAPORE/HONG KONG — ABN Amro Group, the state-controlled Dutch lender that returned to the stock market in 2015, was exploring a sale of its Asia private-banking business, people with knowledge of the matter said.The bank is working with a financial adviser and has reached out to potential buyers to gauge their interest, according to the people. The deliberations were at an early stage, and there was no certainty they would result in a deal, the people said, asking not to be identified as the information is private.Foreign lenders, including Barclays and Société Générale, have sold wealth management operations in Asia to local competitors as the ranks of the region’s wealthy expand.ABN Amro is the 18th-largest private bank in Asia, with $19bn of assets under management in the region, according to a 2015 ranking by Asian Private Banker."The cost to the banks is climbing fast, and some players may just decide to focus back on their more profitable core business," said Sean Kang, a d...
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