In a press release published on Tuesday, BGL BNP Paribas announced that it had closed “within the deadlines” the takeover of “all the shares issued by ABN Amro Bank (Luxembourg) S.A. and its wholly-owned subsidiary ABN Amro Life S.A.”. While the private banking element is integrated into BGL BNP Paribas, the part dedicated to insurance is taken over by Cardif Lux Vie.

“In a context of consolidation in the private banking market, this acquisition, which represents €5.6 billion in assets under management for private banking, will enable us to strengthen our position in Luxembourg in the segment of major European entrepreneurs and will create synergies”, Vincent Lecomte, co-CEO of BNP Paribas Wealth Management, said, adding: “We want our clients to benefit from the group's expertise, such as investment banking or real estate services.”