* RHJI to have 438 million euros in cash after latest sales
* Analysts say move bolsters theory RHJI shopping in Germany
* Analysts say doesn't have enough cash for Opel
* Commerzbank's Reuschel unit seen as likely target
* Analyst says Reuschel could go for 20 million euros
By Anne Jolis
BRUSSELS, July 8 (Reuters) - RHJ International (RHJI) looks set to buy a small German bank after announcing divestments on Wednesday that would give it more than enough spending cash for such a purchase, analysts said.
While the Belgian holding company has been named as a potential buyer of General Motors' Opel unit, the group has never confirmed a bid and does not appear to have the cash for the German carmaker.
But a modest-sized bank would be another matter, especially given RHJI's existing stakes in recession-battered automotive firms and its stated desire to pick up financial assets.
RHJI said on Wednesday it would sell part of its 3.2 percent stake in Egypt's CIB bank for $53.1 million in cash, and would dispose of another, undisclosed interest for 15.9 million euros ($22.23 million) in cash.
"They want to raise their cash position because they have some automotive companies they want to support, and invest in the European financial sector," said Petercam analyst Emmanuel Carlier.
So far, Commerzbank's private banking unit Reuschel seems the most likely target, with analysts saying RHJI has already bid. Sources told Reuters Commerzbank had received six offers for Reuschel, though did not name them.
Commerzbank declined to comment on the potential sale.
RHJI also declined to comment, but a source close to the firm told Reuters it was the type of buy it was looking to make.
OPEL TOO BIG, BUT "SERIOUS SHOPPING" AHEAD
The transactions would leave RHJ with 438 million euros in cash once they close, which should happen by July 22, RHJI said.
"You can't buy Opel with that, but you can do some serious shopping," said KBC Securities analyst Tom Simonts, adding RHJI could "easily" purchase Reuschel with the loot in its coffers.
"It's not the big bank they've been looking for, but in their quest for that big bank, they've stumbled across a lot of problems like bigger players with deeper pockets. So they're switching to smaller assets," Simonts added.
Market watchers say RHJI will not stop with Reuschel, but could use its war chest to go after several small German banks.
Currently, RHJI holds stakes in a handful of automotive firms like Asahi Tec, Honsel International, Niles and U-Shin.
In a conference call last week, RHJI Chief Executive Leonhard Fischer said he wanted to pursue financial services investments, though didn't specify where or what kind.
RHJI has already committed to spending $25 million cash for assets from U.S. auto parts maker Metaldyne, currently in bankruptcy proceedings, in which RHJI held a stake, and to inject 50 million euros into Honsel.
Those deals are still pending, and once they close will bring RHJI's cash down to about 370 million euros.
One analyst said Reuschel could go for as low as 20 million euros, depending on whether the buyer wanted state aid. Reuschel, with 430 employees, booked a profit of 8.8 million euros in 2008. (Additional reporting by Patricia Uhlig in Frankfurt, editing by Will Waterman)