(Bloomberg) -- Deutsche Bank AG will sell wealth manager BHF-Bank AG to RHJ International, a Belgian financial services company, for 354 million euros ($485 million) by the end of next month.

Bafin, the Bonn-based watchdog, has no objections to the purchase, Brussels-based RHJ said in a regulatory statement today. The companies entered exclusive talks in July 2011 and RHJ said in June 2012 that Bafin had started to review the deal.

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