Chinese conglomerate Fosun International has offered to buy out other investors in Belgian wealth management group BHF Kleinwort Benson for EUR500m ($548m), a move to bolster its financial capabilities.

Under the terms of the deal, Billion Eastgate, a subsidiary of Fosun, has agreed to offer EUR5.10 per share to acquire all 97.6 million shares of BHF Kleinwort Benson that are not already owned by Fosun or its affiliates.

Fosun is already the largest shareholder in BHF Kleinwort Benson, holding 28.6% stake.

In addition to Fosun, BHF Kleinwort Benson’s largest shareholders include Franklin Resources Inc., Oddo & Cie, Aqton SE, BlackRock Inc., and entities associated with Timothy C. Collins, a private equity investor.

Fosun chairman Guo Guangchang intends that the acquisition, which includes Kleinwort Benson Bank (UK) and Kleinwort Benson Investors (Ireland), will connect rich Chinese with financial hubs in the West.

"The number of wealthy individuals in China is constantly growing on the back of sustainable 6pc to 7pc GDP growth. We are highly committed to invest in BHF Kleinwort Benson to enable the company to leverage this opportunity to build bridges between Europe and Asia," he added.

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Additionally, Fosun is planning to open a China office for BHF Kleinwort Benson.

Fosun previously said that its investment in BHF Kleinwort Benson would provide better access to other business opportunities in Europe.

Fosun is looking to acquire insurance assets in order to fund its future investments. Earlier in July, it agreed to buy German bank Hauck & Aufhaeuser Privatbankiers and holds a stake in UK’s Thomas Cook.