Berenberg Bank is planning to establish a private banking unit in the U.K., Reuters reports. The German lender has appointed Ross Elder and Fred Hervey from Barclays Wealth to manage the unit from London

The Hamburg-based bank seeks to build a staff of up to 25 private bankers by the end of 2013 and aims and attract over $1.59 billion of assets. Berenberg started its investment banking business in London in 2003.

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