Deutsche Bank AG’s sale of its BHF-Bank unit inched forward after all members of the group seeking to acquire the business submitted documents for the proposed deal to Germany’s banking regulator.
Bafin is examining whether one submission is complete, Sven Gebauer, a spokesman for the Bonn-based regulator, said in a telephone interview today. The authority will have 60 days to decide if the deal is viable once it notifies the bidders that the documents are complete, Gebauer said, declining to say when that will take place and without naming the party.
Deutsche Bank, continental Europe’s biggest bank, agreed to sell the wealth management and investment-banking operation for 384 million euros ($496 million) to a group led by Belgian financial services company RHJ International in September.
Fosun Group, AQTON SE, the investment vehicle of German entrepreneur Stefan Quandt, entities affiliated with Timothy C. Collins and investment funds managed or sub-advised by BlackRock Inc. will inject capital into RHJ’s Kleinwort Benson unit, which will then acquire BHF-Bank, Brussels-based RHJ International said in September.