Deutsche Bank is in exclusive negotiations to sell its BHF-Bank unit to RHJ International, The Wall Street Journal reports. The German bank had originally bought the unit for €1 billion from private banking group Sal Oppenheim in March 2010.
The deal will change RHJ International into a financial services group with an independent private and merchant banking model. RHJI is seeking co-investors to fund the acquisition of the German private bank.
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