UPDATE 1-Deutsche Bank narrows BHF bidder pool – sources

* Deutsche still insists wants bids for all of BHF -sources

* Field narrows as bidders for parts of BHF drop out-sources

* Liechtenstein’s LGT among bidders – source

* Private equity firms also among bidders – sources

(Adds detail, background)

FRANKFURT, Aug 26 (BestGrowthStock) – Deutsche Bank (DBKGn.DE: )
has narrowed down the field of potential bidders for
Frankfurt-based BHF as it seeks to sell the bank as a whole, two
people familiar with the matter said on Thursday.

Potential buyers who agree to buy BHF’s wealth management,
asset management and corporate banking unit will now gain access
to the data room, an essential part of performing due diligence,
the people said.

They said due diligence was expected to take until
mid-October, after which binding offers would be sought.

Deutsche has been on the lookout for a potential buyer ever
since it inherited BHF through the 1 billion euro ($1.3 billion)
purchase of Sal. Oppenheim in March.

Deutsche hopes to get at least 650 million euros for the
unit, while some see BHF’s value to be in the 400-500 million
euros range.

BHF, a 150-year old institution with roughly 1,500 employees
and around 40 billion euros in client assets under management,
has drawn interest from several parties looking to expand their
wealth management businesses.

LGT, Liechtenstein’s largest bank, is among the potential
bidders, said a third source, who is familiar with LGT’s plans.

But Deutsche’s insistence on selling the bank as a whole
rather than allowing a partial sale of businesses, such as the
wealth management unit, has forced some bidders to withdraw.

Julius Baer (BAER.VX: ) is not among the bidders, another
person familiar with the matter said. BNP Paribas (BNPP.PA: ) has
dropped out of the race, two other people familiar with the
matter said.

Vontobel (VONN.S: ) is not among the bidders, another person
familiar with the matter said.

All of the banks declined to comment.

Private equity companies are said to be among the bidders,
two of the sources said, but BHF’s management has said it
preferred a strategic buyer. [ID:nLDE67O04J]
(Reporting by Alexander Huebner, Arno Schuetze and Edward
Taylor in Frankfurt, Oliver Hirt and Albert Schmieder in Zurich;
writing by Edward Taylor; Editing by Will Waterman)
($1=.7851 Euro)

UPDATE 1-Deutsche Bank narrows BHF bidder pool – sources