ABN AMRO has completed the acquisition of BethmannMaffei from the HVB Group. BethmannMaffei will be merged with the private bank Delbrck & Co, which has been part of ABN AMRO since the end of 2002, within a few weeks. With total assets under management of over Euros 10 billion, Delbrck BethmannMaffei will be one of the top five private banks in Germany.
ABN AMRO is a major force in the private banking markets in the Netherlands and France, and now has strong positions in Germany, Luxembourg, Switzerland and Belgium. ABN AMRO Private Banking is one of the top ten providers of private banking services, with Euros 100 billion of assets under administration as at 30 September 2003.
BethmannMaffei is the result of the merger between the Frankfurt-based Bethmann and the Mnich-based Maffei on 1 January 2003. The organisation specializes in advising wealthy private customers on financial and real estate investments. It employs around 210 staff at four locations (Frankfurt, Mnich, Nrnberg and Stuttgart). It had Euros 4.8 billion of assets under administration as at 30 September 2003.
Delbrck & Co is one of the oldest private banks in Germany, with a history dating back almost 300 years. The bank has been part of ABN AMRO since December 2002. The new Delbrck & Co was established in September 2003. Delbrck & Co. has its headquarters in Frankfurt and has branches in Aachen, Berlin, Dortmund, Dsseldorf, Hamburg, Cologne and Mnich. Delbrck & Co employs around 267 employees and had Euros 5.2 billion of assets under administration as at 30 September 2003.