China's Fosun to sell German private bank to ABN Amro for $730m

Once-acquisitive conglomerate unloads assets to reduce debt

Chinese conglomerate Fosun has struck a deal to sell a German private bank to the Netherlands' ABN Amro. (Source photos by Reuters)

ECHO WONG and KENJI KAWASE, Nikkei staff writers

May 28, 2024 13:08 JST

Updated on May 28, 2024 18:40 JST

HONG KONG -- Fosun International has reached a deal to sell German private bank Hauck Aufhauser Lampe to Dutch government-backed ABN Amro Bank for 672 million euros ($730.4 million).

Fosun-controlled entity Bridge Fortune is the major shareholder in HAL, which became part of the Chinese conglomerate in 2016. At the time, Fosun was seeking to expand its global footprint through multiple high-profile acquisitions across the private wealth, insurance, travel and health sectors.