Bayerische Landesbank, the German publicly-owned regional bank, is reported to be nearing a sale of its 10 per cent stake in Munich-based Hauck & Aufhäuser Privatbankiers. It is reported in Suddeutsche Zeitung that a family of entrepreneurs connected to the private bank is to acquire the stake. The sale is understood to have received the green light by the administrative board of BayernLB. A partner in Hauck & Aufhäuser, which also has offices in Luxembourg, Frankfurt and Zurich has stressed that there will be no change of strategy by the private bank, which will continue to concentrate on wealthy private customers.