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

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.

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.

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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.

 

Source: Private Banker International