A company controlled by one of China’s better-known billionaires has purchased a German private bank, adding to his international business footprint.
Hauck & Aufhäuser, a subsidiary of Shanghai-headquartered Fosun International, has bought German private bank Bankhaus Lampe in a move that advances Fosun’s ambitions in the global financial services industry, Fosun said in a statement on Friday.
"The acquisition has created a new growth engine for Fosun's global financial ecosystem, especially in the private banking sector,” said Wilson Jin, Fosun International senior vice president and co-chief investment officer. Fosun, led by China billionaire Guo Guangchang, acquired Hauck & Aufhäuser, or H&A, in 2016.
“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 statement noted.
Fosun also owns or invests in Fidelidade in Portugal, PeakRe in Hong Kong, and the AmeriTrust Group in the U.S., among other financial service businesses at home or overseas. In 2017, H&A acquired Sal. Oppenheim jr. & Cie. Luxembourg S.A. and Oppenheim Asset Management Services S.à r.l.. H&A acquired a majority stake in Irish Crossroads Capital Management in 2019.
The new merger, which creates an institution with more than 200 billion euros in assets and administration, has been approved by financial regulatory authorities including the European Central Bank and the German Federal Financial Supervisory Authority, H&A said on Oct. 1. The merged bank will be named Hauck Aufhäuser Lampe and have 1,300 employees. Fosun didn’t say what H&A paid for Bankhaus Lampe.
In Germany, Fosun is a co-investor in composite parts manufacturer Koller, flexible automatic production line solution provider FFT and fast fashion brand Tom Tailor. Fosun Pharmaceutical, Fosun International’s pharmaceuticals arm, is partnering with Germany's BioNTech on its COVID-19 vaccine in China.
Fosun, founded in 1992, has been one of China’s most active international investors over the years in businesses ranging from Club Med to Lanvin.
Guo is worth $5.7 billion on the Forbes Real-Time Billionaires List today. Fosun International ranked No. 459 on the 2021 Forbes Global 2000 list.
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