15 October 2009
Historic banking brand to stay. CEO enthusiastic about plans for the future.
Kleinwort Benson, the leading UK and Channel Islands private bank and wealth management group, today welcomes the news that a conclusion has been reached on its sale and confirms that the historic and revered wealth management brand is here to stay. Commerzbank AG has agreed a deal with RHJ International (RHJI), the diversified investment holding company, for a consideration of £225m in cash, subject to regulatory approval.
Kleinwort Benson CEO Robert Taylor greeted the news with great enthusiasm:
"From the very outset of this process, the Kleinwort Benson management team sought to identify a parent committed to the private banking and wealth management arena for the longer term, so we were delighted in the potential RHJI saw for further growth in our core businesses in both the UK and the Channel Islands at the earliest stages of our discussions.
"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.
"RHJI has been unequivocal in its desire to stress the long-term commitment it is making to our business and to all of our stakeholders. Our new parent is dedicated to supporting us in our efforts to maintain and to improve our current wealth management, fiduciary and funds administration offering, allowing us to develop our proposition to better meet the needs of our clients, both now and in the future.
"At a time when many major players have seen their brand equity eroded and when much greater importance is attached to reputation and integrity , c lients are increasingly looking for wealth management solutions provided by wealth management experts, and turning away from the wealth management divisions of the larger retail and investment banking institutions . W orking with RHJI we have a tangible opportunity to build upon the tradition and the values associated with Kleinwort Benson and to fully realise our ambition of becoming the UK’s leading independently owned private banking and merchant banking group.
" T he Kleinwort Benson management team are very enthusiastic about the involvement of RHJI. We recognise that they hold the best opportunities for the future of our business and the Company has the full support of the entire Kleinwort Benson team."
- Ends -
For media enquiries and to speak with Robert Taylor, CEO Kleinwort Benson:
Kleinwort Benson Rachel Butler +44 (0) 20 3207 7239
+44 (0) 7957 427 066
Phoenix
Gordon Puckey +44 (0) 20 7947 2856
+44 (0) 7799 767 468
Sarah Scott +44 (0) 20 7947 2857
Notes to Editors:
About Kleinwort Benson
Kleinwort Benson is one of the most historic names in UK banking with roots dating back to the 1850s. Kleinwort Benson is the brand name of Kleinwort Benson Private Bank Limited (established in 1962 from the merger of Kleinwort Sons & Co and Robert Benson & Co) and its subsidiaries. It operates from principal offices in London and the Channel Islands with regional offices in Birmingham, Edinburgh, Cambridge, Leeds Manchester, and Newbury.
Kleinwort Benson is the brand name of Kleinwort Benson Private Bank Limited. Kleinwort Benson Private Bank Limited is authorised and regulated by the Financial Services Authority, registered number 119269 and is a member of the London Stock Exchange, APCIMS and the British Bankers Association. Kleinwort Benson Private Bank Limited is a company incorporated in England and Wales with company number 2056420 and VAT number 244733560. Registered Office 30 Gresham StreetLondon EC2V 7PG. Telephone +44 (0) 20 3207 7000. Telephone calls may be recorded. www.kleinwortbenson.com
About RHJ International
RHJ International (Euronext: RHJI) is a limited liability company incorporated under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. It is a diversified holding company focused on creating long-term value for its shareholders by acquiring and operating businesses. For further information visit: www.rhji.com.