Shareholders of RHJ International, the owner of London-based private bank Kleinwort Benson, have rejected a motion by a consortium of hedge funds to oust management and break up the company.
It means the company’s offer to buy BHF-Bank from Germany’s Deutsche Bank remains.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
RHJI bid EUR384 million (US$515 million) last year to buy BHF-Bank from Deutsche Bank. The German regulator is still reviewing the business plan for BHF-Bank put forward by RHJI and its co-investors.
"If this acquisition concludes we would have a strong position in the two largest and fastest-growth wealth management markets in Europe," Fischer told the shareholders at the meeting.
Last month, a consortium of hedge funds led by Geneva-based Equilibria Capital Management demanded break-up of RHJI, citing poor share performance and "erratic" strategy.
However, RHJ International’s biggest shareholder, Franklin Equity Group, said last week that it will not support the proposal.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
