Dutch bank ABN Amro is selling its Asian and Middle Eastern private banking business to Liechtenstein's LGT Group for an undisclosed sum.
The division, which manages $20 billion of client assets in Singapore, Hong Kong and Dubai, accounts for a tenth of ABN Amro's overall private banking assets.
"After a strategic review, we have decided to focus on further strengthening and growing our private banking activities in north-west Europe," said Jeroen Rijpkema, chief executive of ABN Amro Private Banking International. "The transfer of our private banking business in Asia and the Middle East is the logical next step in implementing this strategy."
Founded in 1920, LGT Group is a private wealth and asset manager owned by the princely family of Liechtenstein. The group had 143 billion Swiss francs ($142 billion) under management as of June 30, 2016.
Subject to regulatory approval, the transaction is expected to be completed in the second quarter of next year. ABN Amro says it will continue to offer corporate banking services in Asia.
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