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LGT Group eyes further Asia acquisitions in expansion bid

LGT Group Foundation is interested in further acquisitions in Asia given strong growth prospects in the region amid "attractive pricing" in the private banking space, the South China Morning Post reported Dec. 18, citing CEO Max von und zu Liechtenstein.

His comments came after LGT agreed Dec. 6 to acquire ABN AMRO Group NV private banking operations in Asia and the Middle East. LGT is pursuing expansion in Asia at a time when other major players, such as Barclays Plc and Standard Chartered Plc, are cutting back on their presence in the region.

The CEO said it is a good time for LGT to expand in Asia as "more people are selling than buying" as well as attractive pricing of potential targets. LGT, which owns LGT Bank AG, will seek to grow in the region organically but is willing to make an acquisition if it sees "the right opportunity," he added.