Private bank Kleinwort Benson has completed its change of ownership from Commerzbank to RHJ International.
The completion sees the formation of a new financial services group under the holding company KB Financial Services.
Leonhard Fischer, a seasoned banker and chief executive officer of RHJ International, will become chairman of Kleinwort Benson Private Bank and Richard Robins will remain as chairman of Kleinwort Benson Channel Islands.
Robert Taylor (pictured) continues as chief executive, with overall strategic management responsibility for the two companies.
Alan Yarrow has been appointed chairman of KB Financial Services. He has been involved with Kleinwort Benson since the late 1980s.
Further appointments to the board will be announced in the days ahead.
Taylor says: “With the completion of the sale Kleinwort Benson is able to celebrate its future and to renew business lines it had traditionally operated in as a merchant bank. The deal also represents a major step towards enhancing our status as a leading independent wealth manager, including asset management and fund administration services. This will give our highly valued clients access to a group of trusted advisors to serve their individual needs.”
The acquisition of Kleinwort Benson from Commerzbank is part of RHJ International’s strategy to build a wealth management, asset management and financial advisory services business under the Kleinwort Benson brand.
Assuming the successful completion of the acquisition of KBCAM Dublin, assets under management, combined with Kleinwort Benson’s existing activities, will reach more than EUR10bn.