Kleinwort Benson, the leading UK and Channel Islands private bank and wealth management group, today welcomes the news that a conclusion has been reached on its sale and confirms that the historic and revered wealth management brand is here to stay. Commerzbank AG has agreed a deal with RHJ International (RHJI), the diversified investment holding company, for a consideration of £225m in cash.
Kleinwort Benson CEO Robert Taylor greeted the news with great enthusiasm:
“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.
“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.
“RHJI has been unequivocal in its desire to stress the long-term commitment it is making to our business and to all of our stakeholders. 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.
“At a time when many major players have seen their brand equity eroded and when much greater importance is attached to reputation and integrity, clients are increasingly looking for wealth management solutions provided by wealth management experts, and turning away from the wealth management divisions of the larger retail and investment banking institutions. 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.
“The Kleinwort Benson management team is very enthusiastic about the involvement of RHJI. We recognise that they hold the best opportunities for the future of our business and the Company has the full support of the entire Kleinwort Benson team,” said Angus Taylor, Managing Director of Kleinwort Benson in Jersey.
“Having been established in Jersey 47 years ago Kleinwort Benson has a strong local heritage, and one we are proud to be able to build on with our new owners. To know that we will have a new shareholder that shares the same values that we hold as a company going forward in terms of high levels service, growth and development, as well as our commitment to the local community, is extremely comforting for staff and clients alike.”