17th May 2010
UK and Channel Islands private bank and wealth management group Kleinwort Benson announces today that RHJ International SA ("RHJI") has received approval from the Financial Services Authority ("FSA") to become its new controller. This is a major landmark in the organisation’s sale process as RHJI prepares to take ownership of Kleinwort Benson from Commerzbank AG.
Robert Taylor, Chief Executive at Kleinwort Benson commented, "This is another important milestone for Kleinwort Benson as we work towards becoming the UK and Channel Islands’ leading independently owned wealth management and fund services provider.
"We have also received confirmation from the Guernsey Financial Services Commission ("GFSC") that they have approved the change of control of Kleinwort Benson in Guernsey from Commerzbank AG to RHJI, subject to the migration of Kleinwort Benson (Channel Islands) Limited, the offshore banking entity, from Jersey to Guernsey, as well as meeting the GFSC licensing requirements."
Kleinwort Benson’s fund services, trust and wealth management businesses will continue to operate and grow in Jersey and Guernsey, with deposit-taking centred in Guernsey. Completion of the change of control is scheduled to take place in July, as planned.
Robert Taylor concluded: "Our already strong financial position will be further strengthened by our new shareholder, which offers considerable equity capital to underpin our development in Guernsey, Jersey and the UK. On completion of the sale, the Kleinwort Benson Group will be one of the most well capitalised businesses of its size in the local, offshore and UK financial services industry."