Shareholders of RHJ International, the owner of London-based private bank Kleinwort Benson, have rejected a motion by a consortium of hedge funds to oust management and break up the company.
It means the company’s offer to buy BHF-Bank from Germany’s Deutsche Bank remains.
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RHJI bid EUR384 million (US$515 million) last year to buy BHF-Bank from Deutsche Bank. The German regulator is still reviewing the business plan for BHF-Bank put forward by RHJI and its co-investors.
"If this acquisition concludes we would have a strong position in the two largest and fastest-growth wealth management markets in Europe," Fischer told the shareholders at the meeting.
Last month, a consortium of hedge funds led by Geneva-based Equilibria Capital Management demanded break-up of RHJI, citing poor share performance and "erratic" strategy.
However, RHJ International’s biggest shareholder, Franklin Equity Group, said last week that it will not support the proposal.
