Bloomberg News reports that the banks have expressed interest in the ABN Amro unit and will study more detailed information on its business, according to the people, who asked not to be identified because the process is private. ABN Amro hopes to announce a deal by year-end to minimize uncertainty for its private bankers and clients, the people said.
The business could fetch more than $300m, based on the valuations of other recent deals, the people said. ABN Amro is the 18th-largest private bank in Asia, with $19bn of assets under management in the region, according to a 2015 ranking by Asian Private Banker.
A sale by ABN Amro, the lender that relisted its stock last year, would follow similar retreats in the industry by other lenders including Barclays and Societe Generale, which sold their wealth-management operations in Asia to local rivals. ABN Amro has been working with a financial adviser to explore a sale of the business, people with knowledge of the matter said this month.
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