Jeroen Drost, CEO of ABN Amro in Asia, said: ABN Amro currently has five branches in Taiwan, this acquisition allows us to expand our network to 37. This presents tremendous opportunity for us to expand services to our chosen client segments in areas convenient to them.
In addition to our strong corporate and institutional banking franchise, we have been working very hard to build a strong business looking after clients in affluent middle-market and SME segments. The additional branches will enable us to accelerate our expansion program to this target group, at a relatively low cost.
Under the terms of the transaction, the Dutch lender will gain the right to relocate the majority of 32 branches to prime locations for its mass affluent and SME client base. This is in line with the bank’s mid-market strategy.
The sales and purchase agreement is expected to be signed within two weeks and the transaction is expected to close within 100 days of signing.
