UK-based private bank Kleinwort Benson is to
acquire Close Brothers Offshore Group (COG) for £29.1m ($35m).
The acquisition – which includes COG’s private
banking, fund administration, trust and asset management businesses
in Guernsey, Jersey and the Isle of Man – is part of Kleinwort
Benson’s strategy to grow its on- and offshore business.
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The purchase will raise Kleinwort’s assets
under management by about £2.3bn to £7bn and boost its employee
base by 36% to 979.
Innovative products, distribution
channels
Kleinwort Benson’s chief executive officer
Sally Tennant said that the bank would enhance its client offering
with the addition of innovative products and new distribution
channels.
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By GlobalDataIn July 2010, Kleinwort Benson revealed it was
gearing up for a period of expansion following the completion of
its sale to RHJ International (RHJI) for £230m by Germany’s
Commerzbank Bank.
The bank plans to hire bankers over the next
18 months as it looks to expand its fund and asset management and
financial advisory services.
The transaction is expected to be completed by
31 July 2011, subject to approval by the relevant regulatory
bodies.
