March 5, 2020 / 4:30 PM / 24 days ago

Fosun-owned Hauck & Aufhaeuser buys Bankhaus Lampe

FRANKFURT (Reuters) - German lender Hauck & Aufhaeuser, owned by the Chinese conglomerate Fosun (0656.HK), said on Thursday it had reached a deal to buy another German lender, Bankhaus Lampe.

Lampe’s owner, the billionaire Oetker family whose main interest is in food and beverages, has been shedding non-core assets to concentrate on its core business.

The parties declined to disclose the price. On Wednesday, Reuters reported exclusive talks that valued Bankhaus Lampe’s equity at about 250 million euros ($280 million).

Bankhaus Lampe, headquartered in Bielefeld, was founded in 1852 and specialises in asset and wealth management as well as corporate finance services.

Frankfurt-based Hauck & Aufhaeuser has a similar business, and together the two companies will employ around 1,400 employees and manage 35 billion euros.

Reporting by Tom Sims; Editing by Elaine Hardcastle and Timothy Heritage

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