Deutsche Bank to sell private banking arm

Deutsche Bank, Germany’s biggest lender, said on Thursday it has agreed to sell its private banking unit BHF-Bank for €384 million ($499 million) in cash to Kleinwort Benson Group.

Deutsche Bank, Germany’s biggest lender, said on Thursday it has agreed to sell its private banking unit BHF-Bank for €384 million ($499 million) in cash to Kleinwort Benson Group.

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“The transaction is subject to regulatory approvals,” Deutsche Bank said. “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,” it added.

Kleinwort Benson is a wholly owned subsidiary of financial services group RHJ Internati-onal. BHF-Bank has “significant” market positions in private banking, asset management, corporate business and financial markets, and total assets under management of around €36 billion , Deutsche said.

BHF-Bank therefore “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,” said Deutsche.