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.

Kleinwort Benson set for German wealth foray

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

Sophie Baker

Deutsche Bank

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