Kleinwort Benson Group has agreed a €384m deal to purchase a German private bank owned by Deutsche Bank in its first foray into wealth management in Germany.

Under the deal, Kleinwort Benson Group will pay €384m for BHF-Bank, one of the leading private banks in Germany with €36bn in assets under management. The deal is subject to regulatory approval, and the price subject to change depending on movements in the valuation of the firm.