RHJ International is buying the whole Kleinwort Benson business, which has offices in Jersey, Guernsey and the UK, from Commerzbank AG.

Up to 668 people are employed across the private bank and wealth management group, with 213 staff in Jersey.

Angus Taylor, the managing director of Kleinwort Benson in Jersey, said that there were no plans to cut jobs as a result of the sale.