Deutsche Bank abandons sale of BHF unit

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Germany's biggest private lender Deutsche Bank said Monday that it has scrapped the planned sale of its BHF-BANK wealth management unit to Liechtenstein's LGT bank.

"Following discussions between the parties and with the competent supervisory authorities ... Deutsche Bank and LGT decided not to pursue the transaction any further," a statement said.

Press reports had said the deal could have raised around 600 million euros ($860 million).

Deutsche said it will instead transform and modernise BHF-BANK, which it acquired when it bought Sal Oppenheim for one billion euros in 2009, and merge it with its Private Wealth and Asset Management division.

© 2011 AFP

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