“In Luxembourg we do not see possibilities to increase to the scale necessary. 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,” ABN Amro Bank private banking CEO Pieter van Mierlo said.
Under the agreement signed by BGL BNP Paribas, ABN Amro Life SA will be passed to Cardif Lux Vie. The acquisition is expected to reinforce the positions of the BNP Paribas group in Luxembourg in the wealth management and insurance markets.
Vincent Lecomte, co-CEO of BNP Paribas wealth management said: “This acquisition is part of our strategy of growth and will enable us to strengthen our role as a growing player, not just in Luxembourg, but in the expanding world-wide wealth market where we are the largest wealth manager in the eurozone and a leading global player world-wide with €364 billion of assets under management.”