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BNP Paribas subsidiary agrees to acquire ABN AMRO's Luxembourg units

BNP Paribas SA's Luxembourg unit, BGL BNP Paribas SA, agreed to purchase the entire outstanding shares of ABN AMRO Bank NV's ABN AMRO Bank (Luxembourg) SA and its fully owned subsidiary ABN AMRO Life SA.

The financial terms of the deal were not disclosed.

The transaction, which is subject to regulatory approval, is expected to be finalized by the third quarter. Following the deal, BGL BNP Paribas will immediately transfer the activities of Luxembourg-based ABN AMRO Life to Cardif Lux Vie SA.

ABN AMRO Group NV is the ultimate parent of ABN AMRO Bank.