As of June 30, 2010, the Group classified its subsidiary BHF Asset Servicing GmbH allocated to the Corporate Division Asset and Wealth Management (AWM) as held for sale. The purchase of this subsidiary was treated as a separate transaction apart from the acquisition of Sal. Oppenheim Group in the first quarter 2010. The sale contract was already signed and the closing of this transaction is expected in the third quarter 2010.
In the second quarter 2010, the Group classified several private equity investments allocated to AWM as held for sale. These private equity investments were previously acquired as part of the acquisition of Sal. Oppenheim Group. They are expected to be sold within one year.
As of June 30, 2010, the Group also classified several disposal groups, three investments in associates, a loan and real estate assets allocated to the Corporate Division Corporate Banking & Securities (CB&S) as held for sale. These items were already held for sale as of December 31, 2009 and are expected to be sold in the second half of 2010.
The Group reported the non-current assets and disposal groups classified as held for sale in other assets and other liabilities and valued them at the lower of their carrying amount and fair value less costs to sell, resulting in an impairment loss of € 5 million which was recorded in other income in CB&S in the second quarter 2010. Financial instruments were measured following the general provisions of IAS 39.
Total assets held for sale amounted to € 2.6 billion and total liabilities held for sale were € 2.0 billion as of June 30, 2010.
The Group also decided to sell Sal. Oppenheim’s Equity Trading & Derivatives and Capital Markets Sales units, which were allocated to AWM. This transaction was closed in April 2010.
As a part of the Sal. Oppenheim Group acquisition, the Group acquired Services Généraux de Gestion S.A. and its subsidiaries, which were allocated to AWM. These disposal groups also met the criteria to be classified as held for sale on acquisition. This transaction was closed in March 2010.