Kleinwort Benson gets co-investors for BHF buy

Kleinwort Benson Group is a step closer to the
purchase of BHF Bank, as the RHJ International owned private bank
has secured the support of co-investors to finance the
acquisition.

Kleinwort Benson said it has entered into an
informal review process with the German Federal Financial
Supervisory Authority (BaFin).

The venture partner’s name has not been
disclosed.

 

Long-running sale

BHF’s current owner, Deutsche Bank, has been
on the look-out for a potential buyer since acquiring BHF through
the purchase of Sal. Oppenheim Group in 2010.

In 2011, Deutsche Bank entered talks with
Liechtenstein’s LGT Group but a reported €250m ($314m) difference
between offer and demand (€350m vs €600m) is understood to have
blown the deal.

 

Kleinwort Benson Group
expansion

BHF acquisition falls within Kleinwort Benson
Group Europe expansion strategy.

In 2011 the London-based private bank bought
Close Brothers Offshore Group for $35m.

Thanks to this purchase, Kleinwort Benson’s
assets under management in 2011 reached €6.1bn, a 14% rise from
2010.

Kleinwort Benson’s operating income went up
19% in 2011 to €95.5m, although the private bank recorded a net
loss of €23.2m in the same period.