Kleinwort Benson Group (KBG), the wholly owned
subsidiary of financial services group RHJ International, has
reached an agreement with Deutsche Bank to purchase BHF Bank 14
months after first opening negotiations.
The proposed deal, which is subject to
regulatory approvals, will involve KBG acquiring 100% of BHF Bank
from Deutsche for €384m ($497m) in cash.
The banks first began M&A discussions in
July 2011 when Deutsche’s previous discussions with LGT were called
to a halt by what was perceived to be a low bid by LGT for the
business.
BHF Bank currently has assets under management
of about €36bn, with a strong stake in private banking.
KBG said that the two firms share a similar
outlook and strategy, with the aim being to create a prominent
two-pronged client-centric financial services group.
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By GlobalData‘Excellent prospects’
Deutsche Bank said that the deal is the best
solution for all parties.
A spokesman for BHF Bank’s board of managing
directors said on the deal: “The signing is very positive news for
our clients and the bank,”
“We are happy that the group of prestigious
investors from all over the world confirms the attractiveness of
our business model.”