RHJ International (RHJI), a Brussels-based diversified investment holding company, has reached an agreement with Germany-based Commerzbank to buy Kleinwort Benson with its private banking, wealth management and fiduciary businesses.
Reportedly, RHJI will acquire Kleinwort Benson Private Bank and Kleinwort Benson Channel Islands Holdings (together Kleinwort Benson) from Commerzbank for GBP225 million in cash.
Leonhard Fischer, chief executive of RHJI, said: “Kleinwort Benson is an internationally respected brand in banking and with its private banking operation provides a first class service to its clients. This is an important strategic investment for RHJI in a very attractive market sector. Furthermore RHJI plans to adopt Kleinwort Benson as an overarching brand for its financial services businesses going forward.”
Robert Taylor, chief executive of Kleinwort Benson, said: “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.”
The transaction, which is expected to be completed in Q1 2010, is subject to the relevant regulatory clearances.
