SG Private Banking buys ABN's Gibraltar office
SG Hambros, part of SG Private Banking, has acquired Dutch bank ABN Amro's private banking operations in Gibraltar, following the acquisition of ABN's London private banking office in December.
The bank, owned by Société Générale of France, said the acquisition would make it one of the leading private banking players in the tax haven.
The bank did not disclose the figure paid.
The bank said in a press release that the move is part of the strategy of SG Private Banking, which is developing its activities through both internal and external growth in key wealth management markets.
ABN sold its London-based business to SG Hambros last year after it merged with a consortium of banks led by Royal Bank of Scotland, which prompted a series of defections of its wealth advisers.
The French bank’s shares declined 1.65 euros, or 3%, to 53.64 euros.
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