China’s Fosun to Buy Private Bank H&A in Push for German WealthNicholas Comfort
Fosun International Ltd., backed by Chinese billionaire Guo Guangchang, will buy German private bank Hauck & Aufhaeuser Privatbankiers KGaA for as much as 210 million euros ($231.6 million) to expand access to the country’s wealthy.
More than 80 percent of Hauck & Aufhaeuser’s shareholders agreed to the offer and the final purchase price will depend on how many accept it, Fosun said in a statement to the Hong Kong stock exchange Wednesday. H&A said a shareholder committee had recommended its owners approve the plan.
Fosun bought a stake in Belgian financial services company RHJ International last year to help acquire German wealth manager BHF-Bank AG, a competitor of Hauck & Aufhaeuser. The firm has been on an acquisition spree spanning Australian energy companies to New York city office buildings.
Hauck & Aufhaeuser, based in Frankfurt, generated 4.7 million euros of net income last year and had 3.02 billion euros of assets at the end of December, Fosun said. The bank manages funds for wealthy and institutional clients as well as offering investment banking services, according to its website.
Fosun has announced 10 takeovers worth a combined $6.4 billion in the past year, data compiled by Bloomberg show. In May, the company announced the $1.84 billion acquisition of Bermuda-based insurer Ironshore Inc.
The Chinese firm is also considering buying a minority stake in Raiffeisen Bank International AG’s Polish unit, people familiar with the matter said in June. Portuguese newspaper Jornal de Negocios reported last month that Fosun was among bidders for Novo Banco SA, the lender that emerged from the breakup of Banco Espirito Santo SA.