Chinese conglomerate Fosun International has offered to acquire German private bank Hauck & Aufhäuser Privatbankiers KGaA (H&A) for EUR210m ($231m), to expand its services in Europe.

The proposed offer has been accepted by H&A shareholders, who hold about 80% of the share capital in the German bank.

Fosun’s wholly-owned subsidiary Fosun Industrial will acquire all shares in H & A at a price of EUR682.50 per share.

Fosun said the deal will enhance its capabilities of providing financial services in Europe in the areas of private banking asset management, financial markets and fund custody services.

The purchase is subject to approval by the authorities in Germany, Luxembourg, Liechtenstein and Switzerland.

As of 31 December 2014, H&A managed total assets and net assets worth about EUR3.02bn and EUR173.m respectively.