Subject to regulatory approval, the deal will combine Kleinwort Benson Channel Islands Holdings with Societe Generale Private Banking Hambros – totalling assets of £14.2bn.
“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 deal follows another French company Oddo & Cie’s acquisition of parent BHF Kleinwort Benson Group, which completed in January. The former said today’ sale is consistent with its strategy to focus solely on the Franco-German market.
“The combination of Kleinwort Benson and SGPB Hambros is a very exciting development for our clients and our staff,” said Martha Boeckenfeld, chief executive officer of Kleinwort Benson.
“We will enjoy the benefits of being part of Societe Generale, and look forward to working together to create a leading force in private banking and wealth management.”
