French banking group Societe Generale has agreed to acquire 100% of wealth manager Kleinwort Benson and Kleinwort Benson Channel Islands Holdings from the Oddo Group.
Oddo acquired the company as part of its takeover of BHF Kleinwort Benson this year.
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Following the acquisition, Kleinwort Benson will be integrated with Societe Generale Private Banking Hambros, Societe Generale’s private banking business in the UK and Channel Islands.
Kleinwort Benson said that the deal, pending regulatory approval, would have no significant financial impact on the Societe Generale group.
Societe Generale Private Banking head Jean-Francois Mazaud said: "This acquisition will bring together two of the most recognised names in private banking, with shared values and a shared heritage in the UK and Channel Islands established through their deep-rooted history here.
"It will enable us to leverage on the expertise and strengths of the teams from each business to better serve our clients through the creation of a distinctive industry leader in wealth management."
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