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The private bank Delbrück Bethmann Maffei, which belongs to the Dutch group ABN AMRO, is taking over 100 percent of the shares in LGT Bank Deutschland, a 100% subsidiary of LGT Group. The parties have agreed not to disclose the purchase price. The acquisition is subject to the approval of the supervisory and cartel authorities and is expected to be completed by the end of 2011. Moreover, both companies have signed a cooperation agreement in the area of products. This will allow clients of Delbrück Bethmann Maffei AG access to the invest-ment competence and opportunities offered by LGT.
H.S.H. Prince Max von und zu Liechtenstein, LGT Group CEO, said: "By selling to Delbrück Bethmann Maffei AG, we have found a good solution for the clients and employees of LGT Bank Deutschland, one that offers long-term sustainable prospects. It is important for our clients that they can continue to use LGT products in future as they have done in the past. I want to thank our employees in Germany for their contribution to the success of LGT Group and for their excellent work in recent years."