Kleinwort Benson, which employs approximately 100 people at its Jersey office at West’s Centre, is set to be integrated into Société Générale’s wealth management arm, Private Banking Hambros, after it signed a purchase agreement to acquire 100 per cent of the bank and its holding company.
The deal, for an undisclosed sum, will create one of the UK’s largest private banking groups, although it remains subject to regulatory approval and is not expected to be fully completed until June at the earliest.
Kleinwort Benson was one of the first merchant banks to establish itself in the Channel Islands – in 1962 – and also employs 150 people at its Guernsey office. It is currently owned by Oddo & Cie, an independent financial services group.
