Dubai, 7 December 2016 

Baker & McKenzie has advised LGT Group Foundation ('LGT') on its agreement with ABN AMRO to acquire its private banking business in Asia and the Middle East.

Under the agreement, LGT, the leading international private banking and asset management group owned by the Princely House of Liechtenstein, will acquire ABN AMRO's businesses in Hong Kong, Singapore and Dubai with approximately USD 20 billion in assets under management.

The acquisition, by way of an asset purchase agreement, is a major step in the implementation of LGT's growth strategy and will further enhance its strong footprint in Asia and the Middle East. As a result of the transaction, LGT expects to increase its assets under management to more than USD 40 billion in Asia and to approximately USD 160 billion overall.

Completion of the transaction is due to take place in the second quarter of 2017, subject to approvals of the relevant authorities.

The deal was led by Singapore Principal Wong Ai Ai who is a member of Baker & McKenzie's Global Executive Committee and Deputy Chair of the Asia Pacific Regional Council. Mrs Wong commented: "We are delighted to have advised LGT on this transaction in two regions with rapidly growing private wealth markets."

"One of Baker & McKenzie's strengths is bringing together cross-border teams that offer long-standing local market knowledge. This insight is essential in a transaction like this where local regulatory requirements are a key consideration. We are pleased we could support LGT in each country and help them complete this important transaction to their international growth strategy."

Olivier de Perregeaux, Group Chief Financial Officer for LGT commented that "the competent advice and relentless support of Baker & McKenzie was instrumental to the success of the transaction".

Alongside Wong Ai Ai, the team included Alex Tan (Local Principal), Eunice Tan (Senior Associate) and David Yong (Associate) in Singapore, Karen Man (Partner), Michael Horman (Partner) and Frank Meier (Special Counsel) in Hong Kong and Mazen Boustany (Partner) in Dubai. 

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About Baker & McKenzie
Founded in 1949, Baker & McKenzie advises many of the world’s most dynamic and successful business organizations through our 13,000 staff in 77 offices in 47 countries. Global revenues for the fiscal year ended June 30, 2016, were US$2.62 billion. Paul Rawlinson is Chairman of the Executive Committee. (www.bakermckenzie.com)

Baker & McKenzie.Wong & Leow is a joint law venture between Baker & McKenzie International and Wong & Leow LLC, a Singapore law firm. This enables us to advise on both domestic and cross-border issues. Through Wong & Leow LLC, the firm has full rights of audience before the Singapore courts and can therefore also assist with any contentious issues that clients may be facing. Our team includes locally admitted and internationally qualified lawyers who mix local know-how with a global outlook, placing us in an excellent position to provide multinational, regional or domestic advice that is strategic and commercial. Any contentious work is carried out by Singapore qualified lawyers employed by Wong & Leow LLC. As a result our Dispute Resolution practice group must always be referred to as Wong & Leow LLC.

(www.bakermckenzie.com/Singapore )

Baker & McKenzie has been active in the Middle East and Africa for over 30 years, and as a pioneering firm, was most notably the first to enter both the Saudi Arabian and Egyptian markets. The firm has since established a substantial presence - this began with an associated office in Riyadh in 1979, then opening offices in Cairo (1985), Bahrain (1998), Abu Dhabi (2009), Doha, Istanbul (both 2011), Johannesburg and Casablanca (both 2012). Baker & McKenzie's merger with leading UAE firm, Habib Al Mulla, marked the firm’s arrival in Dubai in 2013, and in 2014, the firm opened an associated office in Jeddah.

© Press Release 2016