German financial markets regulator Bafin has yet to reach a deal with RHJ International (RHJI) on approval for the Belgian company’s planned purchase of Deutsche Bank AG (DBK)’s BHF-Bank unit, said Sven Gebauer, a Bafin spokesman.
RHJ said in June that its Kleinwort Benson Group unit has the support of co-investors for the deal and had entered an informal review process with Bonn-based Bafin as it seeks to add assets in the financial services industry.
Deutsche Bank has sought a buyer for BHF, which offers wealth management and investment banking, since acquiring it through the purchase of Sal. Oppenheim Group in 2010.
Bafin’s approval is essential for RHJ to acquire the business as Deutsche Bank’s plan to sell to LGT Group last year failed after the regulator voiced concern about the acquisition by the bank owned by the family of Liechtenstein’s prince.
To contact the reporter on this story: Nicholas Comfort in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: Frank Connelly at email@example.com