German regulators demanded more information from RHJ International, the company seeking approval to buy Deutsche Bank AG’s BHF-Bank wealth management unit, according to two people with knowledge of the matter.
The nation’s financial market regulator, BaFin, asked RHJ for more documents after deeming the information the company already submitted to be insufficient, said the people, who requested to remain anonymous as the matter is private and wouldn’t say what information was lacking.
Officials for Brussels-based RHJ, BaFin and Deutsche Bank, the nation’s largest lender, all declined to comment. Deutsche Bank had sought to sell the wealth manager to eliminate overlap since it acquired the business in its purchase of Sal. Oppenheim Group two years ago.
RHJ, a publicly traded investment firm whose holdings include asset manager Kleinwort Benson Group, agreed to pay 384 million euros ($491 million) to acquire BHF in September after more than a year of talks, aiming to complement its services in the U.K., the Channel Islands and Ireland. RHJ was founded by private-equity executive Timothy Collins.
Deutsche Bank’s previous plan to sell the unit to LGT Group, owned by the family of the prince of Liechtenstein, was scuppered last year after the regulator voiced concern about the deal. In 2010, LGT settled criminal proceedings by German prosecutors over charges of abetting tax evasion.
German newspaper Die Welt earlier reported BaFin’s request for additional information from RHJ.