Munich-based private bank Merck Finck has bought the private banking business of HVB-Tochter Westfalenbank. Terms of the deal were not discl...

Munich-based private bank Merck Finck has bought the private banking business of HVB-Tochter Westfalenbank. Terms of the deal were not disclosed and the transaction is not expected to be completed until the beginning of next year. The acquisition will strengthen Merck Finck’s private banking presence in the Northrhine-Westfalia area, Germany’s most populous state. In 2002, the Munich private bank bought the private banking business of WestLB, another Northrhine-Westfalia banking organisation. A spokeswoman for Merck said the bank plans further acquisitions in the private banking arena, but is also keen to grow the bank organically.