featured-image

( MENAFN - ACN NewsWire) Fosun Sells German Private Bank HAL and Retains HAFS Asset Servicing Business, Aligns with its Asset-Light Strategy HONG KONG, May 28, 2024 - (ACN Newswire) - Fosun International (HKEX: 0656) issued an announcement on 28 May 2024, announcing the sale of 99.743% of its subsidiary's shares in the German private bank, Hauck Aufhäuser Lampe Privatbank AG (HAL), to ABN AMRO Bank A.V.

for a total consideration of approximately EUR670.3 million. Upon the completion of this transaction, Fosun International will no longer hold shares in HAL, but will fully retain the shares of Hauck & Aufhäuser Fund Services S.



A. (HAFS) held by HAL, i.e.

retain HAL's asset servicing business. HAFS is one of the ten major asset servicing companies in German-speaking regions. It has consistently ranked among the top 3 independent third-party fund establishment and asset servicing providers in the Luxembourg market, which is a hub for the fund industry in Europe, giving it strong market influence and recognition.

Retaining the shares of HAFS aligns with Fosun's asset-light operating model. Currently, the transaction parties have signed the agreement, and the transaction will be officially closed upon receiving regulatory approval. The announcement indicates that the sale is part of Fosun's ongoing efforts to optimize its asset portfolio and focus on asset-light operations.

It is worth noting that based on the transaction consideration of EUR670.3 million, the project is expec.

Back to Fashion Page