Dutch financial services company ABN Amro has agreed a deal to sell its international banking and asset management activities in Curacao, the Netherlands Antilles to FirstCaribbean Bank for an undisclosed sum.
ABN Amro’s businesses in Curacao include the ABN Amro Curacao Branch operations and ABN Amro Asset Management business. The choice of FirstCaribbean Bank, the largest publicly-traded bank in the English-speaking Caribbean, as purchaser is based on its reputation and commitment to offering services in wealth management in the region, ABN said in a press release.
ABN Amro said its decision to sell is in line with its current strategy for its future business direction which is focused elsewhere. The company added that the Curacao businesses which are focused on the trust and offshore private client segment will be a better fit with a dedicated and specialized financial services provider focused on international banking in the region, such as FirstCaribbean.
Completion of the acquisition is subject to the regulatory approval by the central banks of Curacao and Barbados.