Fosun Acquires 19.2% Of German Private Bank BHF-Bank

Hong Kong-listed Fosun International Limited says the company and a fund under its management have acquired a 19.18% interest in Frankfurt-based German private bank BHF-BANK.

After the transaction, Fosun International together with its fund will become the second largest shareholder of BHF-BANK, according to a company announcement.

The investment was done by injecting about €98.5 million ($135.7 million) in Billion Infinity Investment Limited, which is participating in an 100% acquisition of BHF-BANK.

The acquisition of BHF-BANK was led by Euronext-listed financial services group RHJ International, and its wholly-owned subsidiary Kleinwort Benson Group Limited.

Billion Infinity owns 19.18% of Kleinwort Benson Group.

Fosun says it is optimistic about the long term development of the financial services industry.

Around the same time, a group of investors led by Fosun has acquired a piece of prime seaside real estate in Greece for €915 million ($1.26 billion), according to Hellenic Republic Assets Development Fund, a state privatization agency in Greece.

This January, Fosun acquired an 80% stake in Caixa Seguros e Saúde (CSS), the insurance unit of Portuguese state bank Caixa Geral de Depositos S.A., for €1 billion ($1.36 billion).

Founded in 1854, BHF-BANK is the largest scale independent private bank in Germany, providing private banking and asset management services for active family enterprises in Germany.

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