The European Central Bank and German regulator BaFin have cleared the takeover of Hauck & Aufhäuser by Fosun, Handelsblatt has learned, bringing the Chinese conglomerate a major step closer to owning one of Germany’s oldest private banks.
The review of the acquisition is complete and Fosun will be cleared as the bank’s new owner without any conditions, sources told Handelsblatt.
The deal is not yet finalized, however. The takeover also has to be approved by financial authorities in Luxembourg, where the bank has investment operations. The backing of the ECB and BaFin is considered pretty decisive, however.