Kleinwort Benson’s future is secure after RHJ International (RHJI) agreed to acquire the UK and Channel Islands private bank and wealth management group from Commerzbank AG, in a cash deal worth GBP225m.
Robert Taylor, CEO of Kleinwort Benson has welcomed the conclusion of the sale process and is delighted that the historic brand is ‘here to stay’.
“From the very outset of this process, the Kleinwort Benson management team sought to identify a parent committed to the private banking and wealth management arena for the longer term, so we were delighted in the potential RHJI saw for further growth in our core businesses in both the UK and the Channel Islands at the earliest stages of our discussions." he says. “We are very pleased to have been acquired by a group whose leadership team has longstanding links with Kleinwort Benson. We look forward to working with our new owners to continue to grow our private banking business, about which we are passionate.
“Our new parent is dedicated to supporting us in our efforts to maintain and to improve our current wealth management, fiduciary and funds administration offering, allowing us to develop our proposition to better meet the needs of our clients, both now and in the future.’ he adds. “Working with RHJI we have a tangible opportunity to build upon the tradition and the values associated with Kleinwort Benson and to fully realise our ambition of becoming the UK’s leading independently owned private banking and merchant banking group.’