Munich’s private bank Merck Finck & Co. and their parent company in Luxembourg KBL European Private Bankers are taken over by the large Indian conglomerate Hinduja-Group.

For Hinduja means the acquisition of KBL with 55 locations in ten countries by the Belgian’s KBC entry into the European private banking business. The transaction cost the company € 1.35 billion. KBL last managed a fortune of 47 billion.

"It is the ideal time to engage in asset protection for wealthy customers in Europe," said Srichand Hinduja, the eldest of four brothers who lead the Hinduja-Group of their forefathers in India, Switzerland and London. In an interview with FAZ Hinduja said, referring to the private banking group: "I am convinced of the integrity, experience of management." Moreover, he had long searched for a banking group whose individual institutions operated largely independently of each other, were alone prepared and their own supervisors would be checked. "This particular model fits well with our group. Once the transaction is completed in the third quarter, we will announce our expansion strategy for the financial group. "