The ECB and Bafin have approved Chinese conglomerate Fosun’s takeover of Hauck & Aufh?user, according to a spokeswoman for the German private bank.
Fosun said last year that it would pay €210m for the 220-year old German lender as part of a broader European acquisition spree, but the deal has been held up as supervisors looked into whether to allow it to go ahead, reports James Shotter in Frankfurt.
The deal still needs approval from authorities in Luxembourg before it can finally go through. The approval from the ECB and Bafin, the German financial watchdog, was first reported by Handelsblatt.
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