The transaction is subject to regulatory approvals.
Under the proposed transaction, Kleinwort Benson Group will
acquire 100% of BHF-BANK for an agreed consideration of
€384 million, which will be paid in cash and is subject to
closing purchase price adjustments.
With its significant market positions in private banking,
asset management, corporate business and financial markets,
and total assets under management of approximately €36
billion, BHF-BANK represents a strong strategic fit with
Kleinwort Benson Group’s existing businesses, which
comprise Kleinwort Benson Bank, Kleinwort Benson Channel
Islands Holdings and Kleinwort Benson Investors.
Leonhard Fischer, Chief Executive Officer of Kleinwort
Benson Group and RHJ International, said: “BHF-BANK is an
attractive business to us, with significant positions across
its core businesses, a rich heritage and a strong balance
sheet. With their client focus on entrepreneurs, corporates
and wealth creators, and strong prospects in their domestic
markets, Kleinwort Benson Group and BHF-BANK are also
strategically well-aligned. We therefore see the proposed
acquisition as a significant opportunity to create a strong,
client-centric financial services group.”
Henry Ritchotte, Chief Operating Officer of Deutsche Bank,
said: “With the planned acquisition of BHF-BANK by
Kleinwort Benson Group, we have found the best solution for
all parties, in particular for BHF-BANK’s valued clients.
For the new, stronger BHF-BANK, this can open up
sustainable, long-term prospects. Over the last few months,
BHF-BANK has implemented its plans to decisively modernize
and streamline its banking platform. It is therefore in an
outstanding position to continue to operate its realigned
business model successfully.”
Björn H. Robens, Spokesman of BHF-BANK’s Board of Managing
Directors, said: “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. This reflects the
quality of our bank and shows the excellent prospects seen
for our bank as a modern partner for companies and
entrepreneurs.”
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