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Banking dynasty heir sues brothers over sale

Baron Helmut von Finck, an heir of the Merck Finck and Co private banking dynasty, is suing his two half brothers for breaching the terms of his father's will.

According to a report in UK newspaper the Independent on Sunday, Baron von Finck is contesting the 1990 sale of the bank to Barclays, claiming his father, August, stated the Germany-based bank should remain independent.
 
The Baron also aims to prove he is owed more than the DM 65 million he was paid by his half brothers in 1985 to buy him out of the family business. He claims he was not in a fit state to sign the agreement and he is entitled to a third of the 1990 sale profits.
 
Although he is still a multi-millionaire, Baron von Finck's elder half brother has an estimated wealth of €4.7 billion and the family of his younger half brother, now deceased, is worth around €1.7 billion.
 
Barclays sold Merck Finck and Co in 1999 to Belgian-based bank KBC for £170 million. KBC's parent company, KBC Group NV, is controlled by a syndicate of shareholders including a 12% holding by a group of prominent industrial families.
 
Baron August von Finck expanded the private family bank through acquisitions during the 1930s. He also founded the insurance company Allianz, which was also sold in 1990.  

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