Following ECB regulatory approval, Franco-German financial services group Oddo&Cie is set to take over private banking and asset management group BHF Kleinwort Benson Group.
The ECB’s approval is conditional to the implementation by the Oddo Group of a capital increase of €100m and to the fact that the Group joins the German guarantee funds deposit.
The capital increase has already been approved by Oddo&Cie shareholders, the group is now awaiting the final confirmation from the German guarantee funds deposit (Prüfungsverband Deutscher Banken) is under process, as well as the approval of the prospectus by the Belgian Financial Services and Markets Authority (FSMA).
Philippe Oddo, managing-partner of Oddo & Cie, said: “The green light from the European Central Bank is an important milestone in our project of acquiring the BHF Kleinwort Benson Group and thus of giving rise to a unique Franco-German group.”
2015 has been a year of acquisitions for Oddo, starting with the takeover of Seydler in Janaury followed up by the acquisition of fomer BNY Mellon boutique Meriten.
The acquisition of BHF Kleinwort Benson, which currently manages about €58.5 billion in assets would provide a significant boost to the group’s assets under management.