Germany’s Deutsche Bank AG (NYSE:DB) has entered into exclusive talks with Liechtenstein’s LGT Group to sell its subsidiary BHF-Bank.
The two companies have agreed to conduct exclusive negotiations, effective immediately, with the contractual details slated for completion during the first-quarter of 2011.
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Until then, they have agreed to maintain confidentiality, and failed to disclose on Thursday any financial details.
Deutsche acquired BHF-Bank when it took over private Germany bank Sal Oppenheim earlier this year. The Frankfurt-based bank is believed to have a book value of about 600 euros, or $785.9 million.