RHJI seen buying small German bank with disposal cash

* RHJI to have 438 million euros in cash after latest sales

* Analysts say move bolsters theory RHJI shopping in Germany

* Analysts say doesn't have enough cash for Opel

* Commerzbank's Reuschel unit seen as likely target

* Analyst says Reuschel could go for 20 mln euros

By Anne Jolis

BRUSSELS, July 8 (Reuters) - RHJ International (RHJI) (RHJI.BR) looks set to buy a small German bank after announcing divestments on Wednesday that would give it more than enough spending cash for such a purchase, analysts said.

While the Belgian holding company has been named as a potential buyer of General Motors' GMGMQ.PK Opel unit, the group has never confirmed a bid and does not appear to have the cash for the German carmaker.

But a modest-sized bank would be another matter, especially given RHJI's existing stakes in recession-battered automotive firms and its stated desire to pick up financial assets.

RHJI said on Wednesday it would sell part of its 3.2 percent stake in Egypt's CIB (COMI.CA) bank for $53.1 million in cash [ID:nL8488261], and would dispose of another, undisclosed interest for 15.9 million euros ($22.23 million) in cash.

"They want to raise their cash position because they have some automotive companies they want to support, and invest in the European financial sector," said Petercam analyst Emmanuel Carlier.

So far, Commerzbank's (CBKG.DE) private banking unit Reuschel seems the most likely target, with analysts saying RHJI has already bid. Sources told Reuters Commerzbank had received six offers for Reuschel, though did not name them.[ID:nLQ198477]

Commerzbank declined to comment on the potential sale.

RHJI also declined to comment, but a source close to the firm told Reuters it was the type of buy it was looking to make.