The FINANCIAL — Deutsche Bank and LGT have ended negotiations on the sale of BHF-BANK.
The two institutions had reached a consensus on the sale of BHF-BANK and already drawn up, ready to sign, an agreement mutually beneficial to Deutsche Bank, LGT and BHF-BANK. Following discussions between the parties and with the competent supervisory authorities however, Deutsche Bank and LGT decided not to pursue the transaction any further, according to the Deutsche Bank.
Deutsche Bank regrets the fact that the transaction did not come about. 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, the Management Board of Deutsche Bank has decided not to continue the process of selling BHF-BANK.
Rather, the bank will implement its alternative plan and continue the successfully launched process of transforming and modernising the business operations of BHF-BANK within Deutsche Bank Group. The main objective here will be to further strengthen the successful Private Wealth and Asset Management business. Deutsche Bank will announce more details on this as soon as possible.