Abu Dhabi-Based Aabar Acquires AIG Private Bank For $254 Million
New York, NY - Abu Dhabi-based investment company Aabar Investments PJSC (Aabar) announced on Monday that it has acquired AIG Private Bank Ltd., a whole owned subsidiary of New York-based American International Group Inc. (AIG).
“We have looked very thoroughly at AIG Private Bank and are impressed by the professionalism and dedication of the management team and staff," H. E. Khadem Al Qubaisi, chairman of Aabar and future designated chairman of the bank, said in a statment on Monday.
"This transaction represents a great opportunity to leverage AIG Private Bank’s expertise in wealth management and to further develop it in our region. AIG Private Bank provides us with a platform with the potential for significant long-term growth and value creation."
The investment bank said AIG Private Bank will be acquired for 307 million Swiss francs ($254 million), subject to a post closing price adjustment based on the net asset value and assets under management of the bank at closing.
In addition, Aabar will assume certain loans outstanding at closing of the transaction up to an aggregate maximum of 100 million Swiss francs ($83 million), the global investment bank said.
This sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for them”, said Eduardo Leemann, CEO of AIG Private Bank. “It also offers us new opportunities to expand our operations, especially in the Middle East”, Leemann added.
Leemann and his senior management team will remain with the bank, which will become an independent financial institution with headquartered in Switzerland as well as subsidiaries and representative offices in Hong Kong, Shanghai, Singapore and Dubai.
Click Here For Press Release (*PDF File*).
“We have looked very thoroughly at AIG Private Bank and are impressed by the professionalism and dedication of the management team and staff," H. E. Khadem Al Qubaisi, chairman of Aabar and future designated chairman of the bank, said in a statment on Monday.
"This transaction represents a great opportunity to leverage AIG Private Bank’s expertise in wealth management and to further develop it in our region. AIG Private Bank provides us with a platform with the potential for significant long-term growth and value creation."
The investment bank said AIG Private Bank will be acquired for 307 million Swiss francs ($254 million), subject to a post closing price adjustment based on the net asset value and assets under management of the bank at closing.
In addition, Aabar will assume certain loans outstanding at closing of the transaction up to an aggregate maximum of 100 million Swiss francs ($83 million), the global investment bank said.
This sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for them”, said Eduardo Leemann, CEO of AIG Private Bank. “It also offers us new opportunities to expand our operations, especially in the Middle East”, Leemann added.
Leemann and his senior management team will remain with the bank, which will become an independent financial institution with headquartered in Switzerland as well as subsidiaries and representative offices in Hong Kong, Shanghai, Singapore and Dubai.
Click Here For Press Release (*PDF File*).
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