SG Hambros Bank has completed the acquisition of the Gibraltar private banking arm of ABN Amro Bank NV.
The agreement was made official on 26 June 2008 and became effective on 12 September.
SG Hambros says the acquisition confirms its commitment to investing in Gibraltar and strengthens its position as a market leader in the Gibraltar private banking and wealth management business.
The transaction follows the bank’s acquisition of ABN Amro bank’s London-based private banking business in December 2007.
SG Hambros Bank’s acquisition programme supports SG Private Banking’s global strategy to increase its presence in key established areas.
SG Private Banking is the wealth management arm of Société Générale, with €72.2bn assets under management at the end of June 2008.
In turn, SG Hambros is part of SG Private Banking with around £7.5bn assets under management from its offices in the UK, Guernsey, Jersey, Gibraltar and the Bahamas at 30 June 2008.
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