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Soc Gen completes Kleinwort Benson buy

Soc Gen completes Kleinwort Benson buy

Societe Generale has completed its acquisition of Kleinwort Benson from previous owner Oddo & Cie.

The deal, announced in March, creates one of the largest private banking groups in the UK.

Societe Generale Private Bank Hambros chief Eric Barnett (pictured) has been appointed chief executive of Kleinwort Benson with immediate effect.

He replaces Martha Boeckenfeld, who is to leave the group after ten years. Subject to regulatory approval, Barnett is set to become chief of the new combined private bank.

Societe Generale Private Banking head Jean-Francois Mazaud said: 'This is a great moment in the development of our private banking franchise, bringing together two of the most recognised names in wealth management, with shared values and a common heritage. 

'Kleinwort Benson has undergone a significant transformation in recent years, and I want to congratulate Martha Boeckenfeld and her team for this achievement.'

Societe Generale is aiming to integrate the newly-acquired units (Kleinwort Benson UK and Kleinwort Benson Channel Islands holdings) by early 2017.

Until then they will operate as independent entities within Societe Generale. Combined, the businesses run more than £14 billion of client assets under management.

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