Societe Generale has agreed to purchase Kleinwort Benson and will integrate the company into Societe Generale Private Banking Hambros to create one of the UK’s largest private banking groups.
The deal, for an undisclosed sum, remains subject to regulatory approval.
‘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,’ said Jean-Francois Mazaud, head of Societe Generale Private Banking.
‘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.’
The sale marks the third time the business has changed had since former owner Dresdner was acquired during the credit crunch, with Kleinwort purchased by RJH International
Partner at current owner Oddo & Cie Grégoire Charbit said: ‘This deal is consistent with our strategy to focus on the Franco-German market. Kleinwort Benson is a prestigious bank, with a long history and renowned expertise.
‘We are convinced that the new shareholder, Societe Generale, will provide great opportunities both for clients and staff of Kleinwort Benson.’