Hauck Aufhäuser Lampe Privatbank was bought by Fosun back in 2016, and the Chinese group, which operates in a variety of sectors, including finance, has other private banking assets.

Fosun, the China-based conglomerate, has completed the sale of almost all German private bank Hauck Aufhäuser Lampe Privatbank. 

It earned €670 million ($787 million), and the consideration will include a settlement based on any difference in book value. 

The bank had been held by Fosun’s subsidiary, Bridge Fortune Investment. 

Fosun bought HAL in 2016, an example of Asia organisations buying into European private banking. 

Over the years, Fosun has realised substantial income through dividend,” Fosun said in a statement yesterday.

Fosun said it no longer has shareholdings in the private bank, aka Hal. It does, however, retain full ownership of its “highly valuable asset serving business,” Hauck & Aufhäuser Fund Services SA and its subsidiaries (HAFS).

HAFS operates as an independent third party, holding more than €100 billion in assets under service in markets  across markets such as Luxembourg, Ireland, and the broader German-speaking region. 

This business will continue to collaborate with HAL to provide fund administration services, Fosun said.

“Fosun will continue to support HAFS in pursuing its independent growth strategy, with a focus on international business expansion and innovative fund solutions. HAFS' business is highly complementary to Fosun's financial operations in Europe, including insurance and asset management, and will further enhance synergies across the Group,” it said.

Fosun said it will use its global network to help HAFS expand into emerging markets such as the Middle East and Asia.

The Chinese group has made other European financial services purchases, including those in the private banking space. In October 2021, Fosun bought Bankkaus Lampe, the private bank.