International law firm Freshfields Bruckhaus Deringer has advised ABN AMRO Bank N.V. on the agreed sale of its Swiss Private Banking activities to Union Bancaire Privée, UBP SA.

The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close in the fourth quarter of 2011. 

The Swiss Private Banking activities of ABN AMRO serve clients from around 100 different countries with assets of approximately EUR 11 billion as of the first quarter of 2011, and employ around 350 experienced professionals in 4 locations. 

The Freshfields’ Amsterdam team was led by corporate partner Harald Spruit, and included partner Dirk-Jan Smit (Corporate), partner Machiel Lambooij (Tax) and associate Marius Ankum (Corporate), counsel Wieke van Angeren (IP/IT), associate Jurriaan Jansen (IP/IT) and associate Job van der Pol (Tax). Swiss law firm Lenz & Staehelin acted as local counsel. Lead counsel acting for Union Bancaire Privée was Baker & McKenzie in Geneva. 

Freshfields’ Amsterdam office previously advised the Dutch State acquired part of ABN AMRO Bank on its demerger to form a new independent bank and went on to advise ABN AMRO Bank N.V. and Fortis Bank (Nederland) N.V. on their merger which became effective on July 1st, 2010. Corporate partner Dirk-Jan Smit led the team advising on this matter.