16 January 2009
The closing of the complete sale of Dresdner Bank to Commerzbank took place on 12 January 2009 as a result of the Boards of Management of Allianz and Commerzbank reaching an agreement on 27th November to accelerate the change in ownership of Dresdner Bank. Originally the merger process was due to have been completed in two stages over the course of 2009.
With this new agreement, Dresdner Bank and Commerzbank have merged approximately six to nine months earlier than originally planned. By agreeing on a faster change in ownership, Allianz is contributing substantially to the swift development and success of the new Commerzbank. A swifter conclusion to the merger process means that Commerzbank, and the highly individual entities (such as Kleinwort Benson) that it now comprises, are able to channel their combined talent, time and energies into making the new organisation one of the foremost providers in Europe of wealth management solutions to private clients.
A new structure for international private wealth management was announced in November, with Kleinwort Benson continuing to be the group’s flagship brand for private clients in the UK and Channel Islands. Holger Boschke, the new Head of Commerzbank’s now considerable International Wealth Management division, comprising some of the oldest and most respected private banking brands in Europe has now succeeded David Henderson as Chairman of Kleinwort Benson as of November 2008. Mr Boschke’s appointment follows a seven year association with Kleinwort Benson during which he worked with the bank in a variety of roles, most notably that of Deputy CEO, Head of Investment Products. Mr Boschke has been a non-executive Director on the Board of Kleinwort Benson Private Bank Ltd since July 2007. Richard Robbin will continue as Chairman of Kleinwort Benson Channel Islands, working closely with Holger.
As the new group’s sole provider of wealth management solutions in the UK and Channel Islands, we are excited about the opportunity to play a key role in the development of private client banking operations. However, regardless of the undoubted opportunities which being part of a larger and global banking presence affords us, we are firmly committed to remaining small at the point of contact. Therefore you can certainly expect that we will continue to offer you the high level of expert and highly personal service that is synonymous with the Kleinwort Benson name.
We will keep you fully appraised of progress, and any further developments in this process. In the meantime we would encourage you to contact your relationship manager as normal (RB) with any questions or queries.
Press enquiries: Rachel Butler +44 20 3207 7239