German private bank Hauck & Aufhäuser (H&A), a subsidiary of Chinese consumer group Fosun International, has acquired a 100% stake in German private bank Bankhaus Lampe, and will merge the two banks into a new entity, Hauck Aufhäuser Lampe.
The merger, which was approved by financial regulatory authorities including the European Central Bank and the German Federal Financial Supervisory Authority, will create a substantial private bank in Germany with over 1,300 employees, over €200 billion (US$231 billion) in assets under management and administration, and total balance sheet assets of just under €10 billion.
The Dusseldorf-based, 1852-founded Bankhaus Lampe has 170 years of experience and expertise in the industry, providing wealth and asset management service alongside customized banking solutions to clients. The bank, whose main businesses include private and investment banking, and asset management and servicing, has offices in 13 cities in Germany, Austria, the UK and the US.
“The acquisition will allow us to expand our service offerings and regional presence for our clients, especially in the areas of private banking and asset management,” says Michael Bentlage, Fosun International vice-president, Fosun global partner, CEO of H&A and the future chairman of the management board of the new bank.
As a global company with its roots in China, Fosun began to deepen its industrial operations and industrial investments in Germany several years ago. In 2016, it acquired the 220-year-old H&A. In addition to helping H&A establish its presence in the Chinese market with the support of Fosun's ecosystem, Fosun also assists it in enhancing its competitiveness and influence in local markets.
"The acquisition has created a new growth engine for Fosun's global financial ecosystem, especially in the private banking sector,” adds Wilson Jin, Fosun International senior vice-president and co-chief investment officer. “Fosun creates an effective solution for leading German and international financial firms who are seeking to enter the China market, while providing a better option for high-net-worth individuals globally."