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Handelsblatt: Fosun’s acquisition of a German private bank closes successfully
The following content is translated from the report in Handelsblatt on September 9, with any discrepancies to be resolved by reference to the original German text:
Nearly six months after the Chinese investor Fosun Group reached an agreement with the German private bank Hauck & Aufhäuser on the acquisition, the project was finally completed and closed. During this period, the project went through a tumultuous approval process.
The logo of the holding company Fosun Group is shown. Fosun has now officially become the owner of the private bank Hauck & Aufhäuser.
(Image source: Reuters)
After passing the scrutiny of the German Federal Financial Supervisory Authority and the European Central Bank, the Luxembourg Financial Supervisory Authority approved the acquisition of Hauck & Aufhäuser by Chinese investors. The Chinese investor, Fosun Group, ultimately acquired 99.91% of the private bank's shares.
"We are pleased with the positive decisions and support from the European Central Bank and the various financial regulatory authorities. The acquisition of H&A is a strategic investment for us and provides us with an investment channel into the major economies of Europe," Fosun International Chairman Guo Guangchang mentioned at the press conference. "With our investment plan and abundant international resources, we can effectively help H&A strengthen its market position in Germany and the European banking sector, while also providing investment opportunities in the German market for investors from China and other Asian countries."
The management of Hauck & Aufhäuser added: "With the support of long-term shareholder Fosun, we are fully capable of serving as a bridge for Chinese companies investing in the German and European markets. At the same time, we can also help German companies enter the Chinese market."
In July 2015, the shareholders of Hauck & Aufhäuser had already agreed to Fosun's acquisition of the majority stake in the bank for 210,000,000 euros. In December of the same year, during the investigation by the regulatory authorities, Fosun's chairman Guo Guangchang was reportedly missing for several days, a development that naturally extended the approval process. Guo Guangchang provided his personal account to Chinese authorities to assist with the investigation, dispelling external doubts and accusations against him. Fosun had also attempted to acquire Frankfurt's BHF bank last year, but after a difficult negotiation process, it ultimately lost the bidding war to the French private bank Oddo.
Hauck & Aufhäuser has a history of 220 years, formed by the merger of Georg Hauck & Sohn Bankiers, established in 1796 in Frankfurt am Main, and H. Aufhäuser, which opened in Munich in 1870. The two banks officially merged in 1998. The partners of H&A Bank are Managing Partner Jochen Lucht and Partners Michael O. Bentlage and Stephan Rupprecht. The bank operates in Frankfurt, Munich, Hamburg, Düsseldorf, and Cologne.
