Fosun partners with German private bank H&A to build a bridge for Sino-German exchange

The following content is reproduced from the Fosun International website:

On 17 October, local time in Frankfurt, Fosun Group and the German private bank Hauck & Aufhäuser ("H&A") held a “Fosun Night” celebration marking the completion of Fosun’s acquisition of 99.91% of H&A’s shares. Fosun had obtained approval from the European Central Bank and the relevant financial regulators in September and completed the transaction.

The event took place at the 18th century Baroque-style castle Palais Thurn und Taxis in the heart of Frankfurt, attended by Chinese and German political and business figures, including Chinese Ambassador to Germany Shi Mingde, former German Federal Minister of Finance Theo Waigel, and over a hundred H&A clients and partners. The atmosphere at the event was warm and harmonious, fully reflecting the cultural fusion between China and Germany. The guests congratulated Fosun on becoming a new shareholder and wished Fosun and H&A to jointly build a global family wealth management platform.

Fosun Chairman Guo Guangchang said in his speech at the event: "We all know that small and medium-sized enterprises are the backbone of the German economy. The cooperation between Fosun and H&A will allow more German and European enterprise customers to benefit from China's growth momentum and see more opportunities for development in Asia. We hope to establish close ties with German companies, enabling Fosun and H&A, as a bridge between China and Germany, to help more Chinese and German companies find partners and grow rapidly. At the same time, I want to emphasize that Fosun is a responsible global enterprise. Fosun will work with H&A under independent supervision and a rigorous risk control system to serve our customers. In addition, Fosun will continue to strongly support H&A's own development, maintaining the current company strategy and employee team stability, encouraging and helping it to undertake strategic mergers and acquisitions to become even stronger in regional markets and its own field."

As an important part of the event, Guo Guangchang, on behalf of the Fosun Foundation, donated an exchange scholarship to Johann Wolfgang Goethe University Frankfurt am Main, providing German students with the opportunity to study and exchange at top Chinese universities over the next three years. This move is also a commitment to long-term support for education and a focus on cultural and educational exchanges between China and Germany by the Fosun Foundation.

Fosun Partners with H&A to Build a Bridge for Sino-German Exchange

Acquiring H&A provided Fosun with an investment channel into Europe's major economies. Leveraging Fosun's investment platform and abundant international resources, Fosun can effectively assist H&A in strengthening its market position in Germany and the broader European banking sector. It also offers investment opportunities in the German market to investors from China and other Asian countries. Looking ahead, Fosun and H&A will increasingly leverage synergies, actively expanding their investment portfolio, and further capitalizing on investment opportunities.

In the past five years, H&A has seen a significant increase in shareholders' equity, establishing a solid foundation for development. In various fields such as asset services and small and medium-sized equity business, the bank's performance growth over the past few years has exceeded the industry average, and its business has expanded into core European markets. Since 2013, the bank's asset management scale has increased by nearly 50%. The successful acquisition of H&A has given Fosun's overseas financial layout a significant boost, and Fosun will continue to expand its presence in private banking and wealth management.

Eurasian Consulting GmbH, as the exclusive M&A advisor to Fosun Group, was involved in the transaction. From initial contact to July 8, when the majority shareholder formally accepted the offer in writing, Eurasian Consulting assisted the client in reaching an agreement on the acquisition in just three months. On that day, the relevant project manager from Eurasian Consulting also participated in the closing ceremony and celebration.

Original link: http://www.fosun.com/p/14047.html