Hauck & Aufhäuser (H&A), the German private banking unit of Chinese consumer group Fosun International, has acquired German private bank Bankhaus Lampe.

The deal, whose financial terms have not been revealed, follows approval by financial regulatory authorities including the European Central Bank and the BaFin.

The combined entity, which is touted to become a ‘top-level private bank in Germany’, will be known as Hauck Aufhäuser Lampe.

It will have over 1,300 employees, more than €200bn in assets under management and administration and a total balance sheet asset of just under €10bn.

Commenting on the deal, H&A CEO Michael Bentlage said that the deal would enable the bank to service offerings and regional presence in the private banking and asset management segments.

Established in 1852, Dusseldorf-based Bankhaus Lampe offers wealth and asset management service alongside customised banking solutions to clients.

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It has offices across 13 German cities as well as in Austria, the UK, and the US.

The acquisition is said to part of Fosun’s strategy to further expand its global financial service capabilities.

H&A was acquired by the group in 2016 as part of its effort to strengthen its industrial operations and industrial investments in Germany.

Fosun International senior vice president and co-chief investment officer Wilson Jin remarked that the latest acquisition has created a new growth engine for Fosun’s global financial ecosystem.

“With our proven capabilities in expanding globally and building a strong global network, Fosun creates an effective solution for leading German and international financial firms who are seeking to enter china market, while providing a better option for high-net-worth individuals globally,” Jin added.