Kleinwort Benson Group is in exclusive talks with Deutsche Bank
to acquire Germany’s BHF-Bank.

According to internal documents seen by PBI, the
intention to buy BHF comes as a part of Kleinwort’s strategy to
broaden both its size and geographic footprint in Europe beyond its
current presence in the UK, Ireland and the Channel Islands.

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BHF, which has more than €43bn ($61bn) in assets under
management (AuM) as at 31 December 2010, had been lined up to be
sold to Liechtenstein’s LGT Bank in April this year.

 

Deutsche pulled earlier sale to LGT

However, Deutsche Bank called an abrupt halt to the negotiations
over the sale of German private bank BHF to LGT. At the time,
market commentators suggested that Deutsche pulled out because
there was not a serious buyer around.

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It has also been reported that BHF’s book value is estimated to
be in excess of €600m. However, LGT reportedly was only prepared to
pay in excess of €350m in a deal that didn’t include all of BHF’s
operations.

Kleinwort, which has approximately €8.1bn in AuM as of March
2011 and is a wholly owned subsidiary of Brussels-headquartered RHJ
International, plans to finance the acquisition with its own funds
and with the support of co-investors.

 

Growing UK business

Meanwhile, London-based Kleinwort has acquired family office
Karrig Strategic Capital and a six strong team headed by Paul
Kearney. The acquired entity forms a newly launched Kleinwort
Benson Private Investment Office unit.

The bank also hired ex-Schroders Jeremy Brown and Stephen
Campbell as senior private bankers within its ultra high net worth
team.

These developments come on the back of the appointment of Sally
Tennant as chief executive officer in January this year and the
acquisition of the Close Offshore Group in March.