Societe Generale has negotiated a binding offer with French independent financial services company, Oddo & Cie, for the acquisition of Kleinwort Benson Wealth Management, the UK and Channel Islands wealth management entities of BHF Kleinwort Benson Group (BHF KB).
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This acquisition would be in line with Societe Generale Private Banking’s strategy to accelerate its development in its core markets in EMEA and especially in the UK. A merger of SG Hambros, the French banking giant’s UK unit, and Kleinwort Benson Wealth Management can, potentially, result in a strong entity in the UK and Channel Islands’ private banking space.
Oddo & Cie announced its plans of making an offer on BHF KB, reportedly also rivalling an existing bid from Chinese giant Fosun. While Societe Generale has negotiated a binding offer with Oddo & Cie, the transaction will be subject to the success of Oddo & Cie’s bid and of usual conditions, particularly the negotiation of the share sale agreement with BHF KB.
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