M and A
China's Fosun Buys All Of Venerable German Private Bank
The move highlights how groups such as Hong Kong-listed Fosun are keen to build a footprint in the European private wealth management space.
The German bank subsidiary of Chinese conglomerate Fosun
International has bought Bankkaus Lampe, the
private bank. The merger has been approved by authorities
including the European Central Bank and Germany’s main regulator,
BaFin.
The transaction will create a “top-level” private bank in
Germany, called Hauck Aufhäuser Lampe.
Founded in 1852, Dusseldorf-based Bankhaus Lampe provides
wealth and asset management service alongside customised banking
solutions to clients. The bank has offices spanning 13 cities in
Germany, Austria, the UK and the US. Its main businesses include
private banking, asset management, asset servicing and investment
banking.
The acquisition will create a private bank in Germany with more
than 1,300 employees, more than €200 billion in assets under
management and administration, and total balance sheet assets of
just under €10 billion.
The move also highlights how groups such as Hong Kong-listed
Fosun are keen to build a footprint in the European private
wealth management space. China has been opening its capital
markets to Western investors in recent years. Ironically, this
has taken place amidst West-China tensions over trade, human
rights, Beijing’s crackdown on Hong Kong, and other issues.
“For us, this day marks a historic milestone for our growth
strategy as well as for our now joint history, which starts
today," said Michael Bentlage, Fosun International vice
president, Fosun Global Partner, CEO of H&A and future
chairman of the management board of the new bank. "The
acquisition will allow us to expand our service offerings and
regional presence for our clients - especially in the areas of
private banking and asset management."
In 2016, Fosun finally completed its acquisition of
H&A, a German private bank dating back 220 years. A
conglomerate, Fosun covers a variety of business sectors
including financial services. It has bought a number of financial
and related firms,
as reported here.
