ABN Amro, the Dutch bank and asset manager, has bought the institutional asset management arm of SpareBank 1 Gruppen, a Norwegian savings bank for €6.7m ($8.3m), to boost its assets by €2bn and increase its presence in the country.

ABN executed the deal through Alfred Berg Industrifinans, its Norwegian asset management arm, buying Sparebank 1 Aktiv Forvaltning, the asset management arm of the Norwegian savings bank. SpareBank 1 Gruppen did not use any advisers. No-one was available for comment at Alfred Berg Industrifinans.