Aabar Investments PJSC acquires AIG Private Bank Ltd
Aabar Investment PJSC (AABAR) announced the signing of a binding agreement to acquire AIG Private Bank Ltd. from its parent company American International Group, Inc. (AIG). The consideration payable for the entire share capital of AIG Private Bank is equal to CHF 307 million (US$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 CHF 100 million (US$83 million).
Under the new ownership, AIG Private Bank will become an independent financial institution, headquartered in Switzerland along with branches and representative offices in Hong Kong, Shanghai, Singapore and Dubai. AIG Private Bank will conduct its business under a new name and will continue to focus on providing wealth management services to high net worth individuals in Switzerland, Western and Eastern Europe, Asia and the Middle East.
“We have looked very thoroughly at AIG Private Bank and are impressed by the professionalism and dedication of the management team and staff. 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 creationâ€, said H. E. Khadem Al Qubaisi, Chairman of Aabar and future designated Chairman of the bank.
“We are proud and delighted that we have found a strong and internationally renowned investor such as Aabar to support the future development of our bank. This sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for themâ€, said Eduardo Leemann, CEO of AIG Private Bank. “It also offers us new opportunities to expand our operations, especially in the Middle Eastâ€, Mr. Leemann added. He and his senior management team will remain with the bank.
This transaction has been approved by the Board of Directors of Aabar. The acquisition is subject to the satisfaction of certain conditions, including approval by the appropriate regulatory authorities, in particular the Swiss Federal Banking Commission. Goldman Sachs International acted as exclusive financial advisor and Clifford Chance along with Baer & Karrer served as legal counsel to Aabar in relation to this transaction.
AIG Private Bank Ltd. is an independent, globally networked private bank for high net worth individuals and a wholly owned subsidiary of American International Group, Inc. (AIG). AIG Private Bank, founded in Zurich in 1965, offers tailor-made asset management solutions to private clients. The bank has branches and representative offices in Hong Kong, Singapore, Shanghai and Dubai. It also holds a 42.5% stake in bank zweiplus ag, a leading Swiss investment and retirement savings bank.
Aabar Investments PJSC is a global investment company listed on the Abu Dhabi Securities Exchange (ADX). Aabar’s mandate is to invest across industry sectors in attractive opportunities with significant long-term growth potential.
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