Deutsche Bank has reached an agreement with Kleinwort Benson Group, the wholly owned subsidiary of financial services group RHJ International, on the proposed sale of BHF-BANK, persuant to which the latter will acquire BHF-BANK, subject to regulatory approval.

According to the terms of the agreement, Kleinwort Benson will purchase 100% of BHF-BANK for an agreed consideration of €384m, which will be paid in cash and subject to closing purchase price adjustments.

BHF-BANK is likely to boost Kleinwort Benson Group’s existing businesses, which comprise Kleinwort Benson Bank, Kleinwort Benson Channel Islands Holdings and Kleinwort Benson Investors.

Kleinwort Benson and RHJ International chief executive officer Leonhard Fischer said, "BHF-BANK is an attractive business to us, with significant positions across its core businesses, a rich heritage and a strong balance sheet."

"With their client focus on entrepreneurs, corporates and wealth creators, and strong prospects in their domestic markets, Kleinwort Benson Group and BHF-BANK are also strategically well-aligned."

BHF-BANK has presence in private banking, asset management, corporate business and financial markets, while total assets under management stood at nearly €36bn.