The two institutions had reached a consensus on the sale of BHF-BANK and already drawn up an ready to sign agreement.
Following discussions between the parties and with the competent supervisory authorities however, Deutsche Bank and LGT decided not to pursue the transaction any further.
Deutsche Bank said in order to give clients and staff of BHF-Bank certainty right away about further developments, and to offer them clear and sustainable long-term prospects, its management board has decided not to continue the process of selling BHF-Bank.
The bank said that rather than opting for the sale, it will adopt an alternative plan and continue the process of transforming and modernizing the business operations of BHF-Bank within Deutsche Bank Group.
In December 2010, Deutsche Bank and LGT group entered into negotiations for the sale of Deutsche Bank’ private and wealth management business unit BHF-Bank.
Deutsche Bank acquired BHF Bank through the purchase of private wealth management group Sal. Oppenheim.
