Deutsche Bank to sell BHF to RHJ's Kleinwort Benson

FRANKFURT, Sept 20 (Reuters) - Deutsche Bank has agreed the sale of its BHF-Bank unit to Kleinwort Benson Group, a unit of private equity investor RHJ International, for 384 million euros ($501 million)in cash.

The deal is subject to closing purchase price adjustments and will still have to be approved by the German markets regulator BaFin, Deutsche said on Thursday.

RHJ and Deutsche Bank agreed on the major aspects of the deal in March, but BaFin refused to approve it.

BaFin said in July that RHJ's financing concept was not yet sufficient and that RHJ still had a chance to improve its plan.

Deutsche Bank has been on the lookout for a buyer since it inherited BHF through the 1 billion euro purchase of Sal. Oppenheim in March 2010. ($1 = 0.7658 euros) (Reporting By Edward Taylor)