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).
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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.
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By GlobalDataIn 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.
