Fosun's German private banking unit H&A acquires full ownership of Bankhaus Lampe
The Chinese innovation-driven consumer group continues to expand its presence in Germany while focusing on growth in its home market and beyond
On October 8, 2021, German private bank Hauck & Aufhäuser (H&A), a subsidiary of Chinese innovation-driven consumer group Fosun International Ltd (00656HK), announced today that it has acquired a 100% percent stake in German private bank Bankhaus Lampe. The merger, which was approved by financial regulatory authorities including the European Central Bank and the German Federal Financial Supervisory Authority (BaFin), will create a top-level private bank in Germany. And the merged bank will be named Hauck Aufhäuser Lampe afterwards.
Founded in 1852, Dusseldorf-based Bankhaus Lampe, one of German leading private banks, has accumulated nearly 170 years of experience and expertise in the industry. The bank provides wealth and asset management service alongside customized banking solutions to clients and has offices spanning 13 cities in Germany, Austria, the UK and the US. Main businesses include private banking, asset management, asset servicing and investment banking.
The acquisition will create a substantial private bank in Germany with over 1,300 employees, over 200 billion euros in assets under management and administration, and total balance sheet assets of just under 10 billion euros.
"We are very pleased about the positive decision by the authorities. For us, this day marks a historic milestone for our growth strategy as well as for our now joint history, which starts today," said Michael Bentlage, Fosun International Vice President, Fosun Global Partner, CEO of H&A and future Chairman of the Management Board of the new bank. "The acquisition will allow us to expand our service offerings and regional presence for our clients - especially in the areas of private banking and asset management."
As a global company with its roots in China, Fosun began to deepen its industrial operations and industrial investments in Germany several years ago. In 2016, Fosun acquired H&A, a German private bank that has boasted steady growth over the past 220 years. In addition to helping H&A establish its presence in the Chinese market with the support of Fosun’s ecosystem, Fosun also assists it in enhancing its competitiveness and influence in local markets as a cornerstone to fulfill the group’s ultimate vision of providing high-quality services to one billion families worldwide. In addition, Fosun is a co-investor in the leading global composite parts manufacturer Koller, flexible automatic production line solution provider FFT and fast fashion brand Tom Tailor. Despite the impact of COVID-19, Fosun continues to expand globally, while helping its group companies enhance their presence and capabilities during this difficult time. Fosun has successfully applied its world-leading business model in China as the vehicle to support the growth of its group companies with operations there.
Fosun International senior vice president and co-chief investment officer Wilson Jin commented, “The acquisition has created a new growth engine for Fosun’s global financial ecosystem, especially in the private banking sector. With our proven capabilities in expanding globally and building a strong global network, Fosun creates an effective solution for leading German and international financial firms who are seeking to enter china market, while providing a better option for high-net-worth individuals globally."
Regarded as 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 acquisition of German private bank Bankhaus Lampe by H&A is a key component of Fosun’s roadmap for further enhancing its global financial service capabilities, and as well as a demonstration of the group’s global expansion capabilities and global mindset.