Key Sentence:
- Shanghai billionaire Guo Guangchang is the chairman and co-founder of Fosun International.
A company controlled by one of China’s most famous billionaires has bought a private German bank, increasing its presence in international business. Hauck & Aufhäuser, a subsidiary of Shanghai-based Fosun International. Bought German private bank Bankhaus Lampe to support Fosun’s ambitions in the global financial services industry, Fosun said in a statement on Friday.
“This acquisition has created a new engine for the growth of Fosun’s global financial ecosystem. Particularly in the private banking sector,” said Wilson Jean, senior vice president of Fosun International and co-founder of its investment director.
Fosun, led by Chinese billionaire Guo Guangchang, acquired Hauck & Aufhäuser, or H&A for short, in 2016.
“Private banking is consider the ‘pearl’ of wealth management and not only connects companies and individuals. But also brings together investment banking, wealth management, wealth management, and other essential services,” the statement said.
Fosun also owns or invests in Fidelidade Gu Guangchang in Portugal, Peake in Hong Kong, and AmeriTrust Group in the United States, among other financial services companies at home and abroad. In 2017, H&A Sal. Oppenheim Jr. & Cie. Luxembourg S.A. and Oppenheim Asset Management Services H&A acquired a majority stake in Irish Crossroads Capital Management in 2019.
The new merger, which will Gu Guangchang create an institution with more than 200 billion euros in assets and administration, has been approved by financial regulators, including the European Central Bank and Germany’s Federal Financial Supervisory Authority, H&A announced on October 1.
The Hauck Aufhäuser lamp is call and employs 1,300 people. Fosun did not say what H&A paid for Bankhaus Lampe.
In Germany, Fosun is a co-investor in composite parts manufacturer Koller. A flexible provider of automated FFT production line solutions and the Tom Tailor fast fashion brand. In addition, Fosun Pharmaceutical, the pharmaceutical division of Fosun International. Has partnered with Germany’s BioNTech for a COVID-19 vaccine in China.
Founder in 1992, Fosun has been one of China’s most active international investors in businesses from Club Med to Lanvin. Guo is worth $5.7 billion in today’s Forbes real-time billionaires list. In addition, Fosun International is ranked 459th on the Forbes Global 2000 list for 2021.