SG acquisition to create one of UK’s biggest private banking groups.
(16 March 2016 – United Kingdom) Societe Generale has agreed to purchase Kleinwort Benson.
The French bank plans to integrate the company into Societe Generale Private Banking Hambros, thus creating one of the UK’s largest private banking groups.
‘This acquisition will bring together two of the most recognised names in private banking, with shared values and a shared heritage in the UK and Channel Islands established through their deep-rooted history here,’ said Jean-Francois Mazaud, head of Societe Generale Private Banking.
‘It will enable us to leverage on the expertise and strengths of the teams from each business to better serve our clients through the creation of a distinctive industry leader in wealth management.’
The acquisition remains subject to regulatory approval, and neither party has divulged details of the sale price.
The sale marks the third time the business been exchanged since former owner Dresdner was acquired during the 2008 credit crunch, with Kleinwort purchased by RJH International.
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