Deutsche Bank to sell private banking arm BHF
Deutsche Bank, Germany's biggest lender, said Thursday it has agreed to sell its private banking unit BHF-Bank for 384 million euros ($499 million) in cash to Kleinwort Benson Group.
"The transaction is subject to regulatory approvals," Deutsche Bank said in a statement.
"Under the proposed transaction, Kleinwort Benson Group will acquire 100 percent of BHF-Bank for an agreed consideration of 384 million euros, which will be paid in cash and is subject to closing purchase price adjustments," the statement said.
Kleinwort Benson is a wholly owned subsidiary of financial services group RHJ International.
BHF-Bank has "significant" market positions in private banking, asset management, corporate business and financial markets, and total assets under management of approximately 36 billion euros, Deutsche Bank said.
BHF-Bank therefore "represents a strong strategic fit with Kleinwort Benson Group's existing businesses, which comprise Kleinwort Benson Bank, Kleinwort Benson Channel Islands Holdings and Kleinwort Benson Investors," added Deutsche Bank.
© 2012 AFP