Deutsche Bank to sell BHF to RHJ International

Germany's biggest bank, Deutsche Bank, said Thursday it is in exclusive talks to sell its BHF Bank unit to the Belgian financial services company RHJ International. Deutsche Bank had said in April that it would hold on to BHF Bank, which specialises in asset and wealth management, corporate banking and financial market operations, after failing to sell it to LGT of Liechtenstein. A sale to RHJI via its Kleinwort Benson division "will, in the German market, complement Kleinwort Benson Group’s offering in the UK, Ireland and the Channel Islands," a Deutsche Bank statement said. Deutsche Bank acquired BHF within the framework of a purchase of the Sal Oppenheim group in 2009 and has sought a buyer for the unit since then. At the end of 2010, BHF Bank had 18.7 billion euros ($26.7 billion) in shareholder equity, and managed assets worth around 43 billion euros. It employs some 1,500 people worldwide. Present mainly in Germany, Luxembourg and Switzerland, the bank also has branches in Abu Dhabi, Egypt and Vietnam.