BaFin, the German financial watchdog, had announced last Wednesday it would be needing to start from scratch in the review of the sale of Deutsche Bank AG's unit BHF Bank after BlackRock had exited from the auction.
According to a BaFin spokesperson, "Any quick approval under the new structure would be illusory at best."
Previously, financial investment firm RHJ International SA had said its chances in obtaining approval for the became better after the withdrawal of BlackRock. RHJI had offered EUR354 million or USD468.8 million for the bank. This offer consisted of EUR322 million in cash in exchange for a 91% shareholding while RHJI would retain its 9% stake.
Deutsche Bank had been seeking buyers on the unit. BaFin though had required that any BHF Bank Investor must be willing to provide financial assistance when the bank faces financial issues. Last June, a number of investors had complained against the plan of RHJI to purchase BHF.
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