The 425-year-old private and investment banking company is boosting its presence in its home country.

Germany's Berenberg is to open a private banking office in mid-2016 before adding a five-strong team from BHF-Bank.

The team, which makes up the Münster branch set up by BHF-Bank seven years ago, will move to Berenberg by July. They consist of Dieter Baumewerd, Konstantin Faut, Ursula Quiel, Annette Klein and Sebastian Plath. 

The new office will be headed up by Ludger Hoppe who previously set up and led the current BHF branch.

“Private banking is a key part of our business that we’re keen to constantly expand. We’re always on the lookout for highly skilled advisors and specialists who embrace our concept of all-round, independent advice,” said Peter Raskin, head of Berenberg Private Banking.

Berenberg noted that Münster is considered one of the key regions for small and medium-sized enterprises in Germany, and is home to some of the country’s most expensive property.