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RHJ Sees Deutsche Bank Unit Purchase Decision Next Month
RHJ International (RHJI), the investment firm seeking to buy Deutsche Bank AG (DBK)’s BHF-Bank unit, said German banking regulator Bafin will probably decide whether to approve the transaction by the end of next month.
RHJ and all except one of its co-investors have submitted the necessary filings for the German wealth manager to Bafin, according to a statement on the Brussels-based firm’s website today. The watchdog has started a “material review,” it said.
RHJ, led by Chief Executive Officer Leonhard Fischer, entered talks with Frankfurt-based Deutsche Bank more than two years ago to acquire BHF-Bank to expand its array of financial services. Should the transaction fail to proceed, RHJ “will consult with shareholders on the timing, mechanism and quantum of a proposed capital return,” it said.
Deutsche Bank has sought a buyer for BHF-Bank since acquiring it through the purchase of Sal. Oppenheim Group in 2010. RHJ reached an agreement with Deutsche Bank to buy the business for 384 million euros ($509 million) in September.
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