Deutsche Bank to sell BHF to Kleinwort Benson

Deutsche Bank has agreed the sale of its BHF Bank unit to private equity investor Kleinwort Benson for €384m (£307m).

The deal still needs to be approved by the German regulator BaFin and is subject to closing purchase price agreements.

RHJ International, the parent company of Kleinwort Benson, and Deutsche Bank agreed on the major aspects of the deal earlier this year, but BaFin refused to approve it because it deemed RHJ’s financing concept as insufficient.

Deutsche Bank has been on the lookout for a buyer since it inherited BHF through the €1bn purchase of Sal Oppenheim in March 2010.