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Regulators approve Kleinwort Benson takeover

Regulators have approved the takeover of Kleinwort Benson by a Belgian investment company

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Last October, RHJ reached agreement with Commerzbank, Kleinwort’s parent company, to buy the historic business, which has its roots in London banking as far back as the 17th century.

Describing the latest development as a “major landmark”, Robert Taylor, Kleinwort Benson chief executive, said: “This is another important milestone for Kleinwort Benson as we work towards becoming the UK and Channel Islands’ leading independently owned wealth management and fund services provider.”

The acquisition of Kleinwort is expected to be completed in July. As part of the change, the wealth manager’s Jersey banking operations will transfer to Guernsey.

In a statement, Kleinwort added: “[Our] fund services, trust and wealth management businesses will continue to operate and grow in Jersey and Guernsey, with deposit-taking centred in Guernsey.”

Taylor said RHJ’s position as new ‘shareholder’ meant, when the deal was completed, Kleinwort would be “one of the most well capitalised businesses of its size in the local, offshore and UK financial services industry.”

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