Kleinwort Benson’s purchase of Close Offshore Group (“COG”) has been completed.
The acquisition, which was announced in March, is for a cash consideration of £26.4 million, subject to post closing adjustments, and comprises COG’s private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man. It also includes COG’s shared service centre in Cape Town.
The acquisition increases the size of Kleinwort Benson’s private wealth assets under management by £1.6 billion[1]. It also extends Kleinwort Benson’s offshore reach with additional presence in the Isle of Man and South Africa, enhancing and consolidating its position in the offshore banking and fiduciary services markets. The purchase of COG will also strengthen Kleinwort Benson’s banking proposition in terms of liquidity and capital.
COG entities will be rebranding as Kleinwort Benson.
Sally Tennant, Chief Executive Officer of Kleinwort Benson Bank, said, “The acquisition of Close Offshore Group follows our strategy of developing our offshore capability. This strategic acquisition adds scale to our banking and fiduciary businesses and will enhance our client offering with the addition of innovative products and new distribution channels. The combined business will have strength and depth in terms of its people, services and systems.”
Andrew Henton, Head of Close Offshore Group, added: “The progress we’ve made in recent years in distribution, product development, systems and people will benefit the combined business. These strengths, combined with Kleinwort Benson’s expertise and brand, provide a solid platform for growth.”
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Notes to Editors:
About Kleinwort Benson
Kleinwort Benson is the brand name of the Kleinwort Benson Group of Companies in the Channel Islands which is regulated in Jersey by the Jersey Financial Services Commission for the conduct of Investment Business, Fund Services Business, Trust Company Business and General Insurance Mediation Business. Kleinwort Benson in Guernsey is regulated by the Guernsey Financial Services Commission for the conduct of Banking Business, Investment Business and provision of Fiduciary Services and is authorised and regulated by the UK Financial Services Authority in respect of UK regulated mortgage activity. Kleinwort Benson (Channel Islands) Limited which is a company incorporated in Guernsey with the company number 52103 is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000.00 subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000.00 in any 5 year period. Full details are available on the Scheme’s website www.dcs.gg or on request. Registered Offices are Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 2HT and Kleinwort Benson House, Wests Centre, St Helier, Jersey JE4 8PQ.
Kleinwort Benson is the brand name of Kleinwort Benson Bank Limited. Kleinwort Benson is authorised and regulated by the Financial Services Authority (FSA) firm reference number 119269 and is a member of the London Stock Exchange. The FSA does not regulate tax business. Kleinwort Benson is a company incorporated in England and Wales with company number 2056420 and VAT number 991 2295 95. Registered Office 14 St. George Street London W1S 1FE. Telephone +44 (0) 20 3207 7000. Telephone calls may be recorded.
[1] Assets include deposits, investing and execution-only assets