German private bank Hauck & Aufhäuser, a subsidiary of Chinese consumer group Fosun International, has acquired a 100% stake in Dusseldorf-based Bankhaus Lampe, for an undisclosed sum.
At completion, the two German private banks will merge and rename the combined business to Hauck Aufhäuser Lampe.
The M&A deal has already been approved by the relevant authorities including the European Central bank and the German Federal Financial Supervisory Authority (BaFin).
Bankhaus Lampe was founded in 1852 and provides wealth and asset management services through its offices in Germany, Austria, the UK and US.
The acquisition will create a “substantial” private banking business, Fosun said, with over 1,300 employees and more than €200bn (£172bn, $234bn) in assets under management and administration.
‘New growth engine’
Michael Bentlage, vice president of Fosun International; partner at Fosun Global; and chief executive of Hauck & Aufhäuser, said: “For us, this day marks a historic milestone for our growth strategy as well as for our now joint history, which starts today. The acquisition will allow us to expand our service offerings and regional presence for our clients – especially in the areas of private banking and asset management.”
Bentlage will also take on the role of chairman of the merged business once the deal completes.
Fosun International senior vice president and co-chief investment officer Wilson Jin added: “The acquisition has created a new growth engine for Fosun’s global financial ecosystem, especially in the private banking sector.
“With our proven capabilities in expanding globally and building a strong global network, Fosun creates an effective solution for leading German and international financial firms who are seeking to enter the China market, while providing a better option for high net worth individuals globally.”
