ABN AMRO Private Banking, the international wealth management division of ABN AMRO, has completed the acquisition of the domestic private banking activities of Credit Suisse in Germany following regulatory approval.

ABN AMRO Private Banking, the international wealth management division of ABN AMRO, has completed the acquisition of the domestic private banking activities of Credit Suisse in Germany following regulatory approval.

ABN AMRO takes over a business that has more than €10 billion ($13.6 billion) in assets under management for domestic clients who have investible assets of at least €1 million.

The deal, which was announced last December for an undisclosed sum, will see the assets transferred to ABN Amro’s German subsidiary Bethmann Bank. Following this transaction, Bethmann Bank will serve approximately 20,000 clients with around €34 billion assets under management.

“With this acquisition ABN AMRO further strengthens its private banking activities in Europe. The acquisition positions Bethmann Bank, ABN AMRO’s private bank in Germany, as the third-largest private bank in Germany,” the statement said.

In a recent financial statement, the private banking arm of ABN AMRO, which operates in regions including Asia, said assets under management rose by €5.8 billion ($7.7 billion) to €176.4 billion at the end of June this year compared with end-2013, mainly driven by net inflows and stronger markets.

This part of the Netherlands-headquartered bank logged an underlying profit of €40 million in the second quarter of the year, a year-on-year fall of 11 per cent; it fell 21 per cent from the previous quarter, the bank said in a statement last Friday.