A company controlled by one of China’s best-known billionaires bought a German private bank, adding to its international business footprint.
Hauck & Aufhäuser, a subsidiary of Fosun International, headquartered in Shanghai, has acquired German private bank Bankhaus Lampe as part of an initiative that advances Fosun’s ambitions in the global financial services industry, Fosun said. in a press release on Friday.
“The acquisition has created a new engine of growth for Fosun’s global financial ecosystem, particularly in the private banking sector,” said Wilson Jin, senior vice president and co-chief investment officer of Fosun International. Fosun, led by Chinese billionaire Guo Guangchang, acquired Hauck & Aufhäuser, or H&A, in 2016.
“Considered the ‘pearl’ in the crown of wealth management, private banking not only connects businesses and individuals, but also brings together investment banking, asset management, wealth management and other key services at the same time, “the statement noted.
Fosun also owns or invests in Fidelidade in Portugal, PeakRe in Hong Kong and the AmeriTrust group in the United States, among other financial services companies at home or abroad. In 2017, H&A acquired Sal. Oppenheim jr. & Cie. Luxembourg SA and Oppenheim Asset Management Services S.à rl. H&A acquired a majority stake in Irish Crossroads Capital Management in 2019.
The new merger, which creates an institution with more than € 200 billion in assets and administration, has been approved by financial regulatory authorities, including the European Central Bank and the German Federal Financial Supervisory Authority, has announced H&A on October 1. will be called Hauck Aufhäuser Lampe and has 1,300 employees. Fosun did not say what H&A paid for Bankhaus Lampe.
In Germany, Fosun is a co-investor in composite parts maker Koller, flexible automatic production line solution provider FFT and fast fashion brand Tom Tailor. Fosun Pharmaceutical, the pharmaceutical arm of Fosun International, is teaming up with Germany’s BioNTech for its COVID-19 vaccine in China.
Fosun, founded in 1992, has been one of the most active international investors in China over the years in companies ranging from Club Med to Lanvin.
Guo is now worth $ 5.7 billion on Forbes’ Realtime Billionaire List. Fosun International ranked # 459 on the Forbes Global 2000 2021 list.
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