LGT Group has put its 7-office German private
banking business up for sale following its failed bid to buy BHF
Bank last month.
An LGT spokesperson said the Liechtenstein
bank had come to the conclusion that it could not achieve the
targets for its private banking business in Germany without an
acquisition.
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The sale process is expected to start in the
next few weeks. No buyers have yet been identified but large
Eurozone banks, including BNP Paribas, Crédit Agricole, and Société
Générale are expected to be key contenders.
BHF Bank sale halted by
regulator
Deutsche Bank called an abrupt halt to the
negotiations over the sale of BHF to LGT, the wealth and asset
management group of the Liechtenstein royal family after months of
negotiations.
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By GlobalDataNeither bank gave a clear reason for the
termination but regulatory opposition to the sale was believed to
be behind the failed bid.
LGT: 25 years in Asia
LGT has put increasing efforts into
international diversification and expansion of its business in
emerging markets in recent years.
It has had a private banking business in Asia
for the past 25 years and its decision to pull out of Germany
signals it is to pursue a concerted emerging markets strategy.
LGT’s Berlin-headquarter German private bank
had offices in Frankfurt, Hamburg, Cologne, Mannheim, Munich and
Stuttgart.
LGT Group is domiciled in Vaduz, Liechtenstein
with assets under management of CHF86.1bn ($95.7bn) to 31 December
2010.
