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BNP Paribas unit completes purchase of ABN AMRO's Luxembourg subsidiaries

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BNP Paribas unit completes purchase of ABN AMRO's Luxembourg subsidiaries

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

The financial terms of the deal, which was closed Sept. 3, were not disclosed. As part of the deal, Cardif Lux Vie SA has taken over the activities of Luxembourg-based ABN AMRO Life, both parties added.

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