Conrad Hinrich Donner Bank acquires Reuschel & Co. in EC-mandated sale. Conrad Hinrich Donner Bank (CHD) has increased its standing among traditioinal private banks in Germany by acquiring its Munich-based rival Bank Reuschel & Co. from Commerzbank. Together the banks have assets under management of $11 billion total assets banking $5.7 billion, and a work force of 600. "Due to their consumer orientation and conservative corporate philosophy both firms have survived the financial crisis unscathed and so have an ideal starting base for further growth," says Reinhold Schulte, chairman of CHD's corporate parent Signal Iduna, a Dortmund-based insurance company.

Quid pro

The European Commission made Commerzbank sell Reuschel and other holdings in return for its OK to buy Frankfurt-based Dresdner Bank from German insurance giant Allianz.

Commerzbank recently sold its Swiss arm to Vontobel Group and Dresdner's Swiss-based business to Dutch private-client asset manager Veer Palthe Voûte, which broke from Commerzbank in a recent management buyout.

The deal between Hamburg-based CHD and Reuschel is subject to regulatory approval.

In other German private-banking news, Michael Bentlage, formerly chief investment officer and chairman of Munich-based BayernInvest, will join the Munich office of Frankfurt-based Hauck & Aufhaeuser in October.

Bentlage will come in as a partner of Hauck to replace Alfred Junker, who will retire. He'll be in charge of asset management, stock trading and institutional treasuries.

Earlier in his career Bentlage was head of investment at BayernLB, a Bavarian state-owned regional bank and corporate parent to BayernIvest. Prior to that he was chief investment officer of Activest Investment.

In addition to Frankfurt and Munich, Hauck has offices in Hamburg and Düsseldorf. -FWR

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