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.
