Commerzbank closes sale of Kleinwort Benson
by Richard Kilner
Story link: Commerzbank closes sale of Kleinwort Benson
Commerzbank has announced that it has closed the sale of Kleinwort Benson to RHJ International, the financial holding company.
The announcement follows the necessary regulatory green lights being given to the deal, which was initially announced in October last year.
The acquisition involves Kleinwort Benson Channel Islands Holding Limited and Kleinwort Benson Private Bank Limited, with assets under management worth £5.6bn.
Commerzbank’s investment banking division, including former Dresdner Kleinwort Investment Banking and Commerzbank Corporates & Markets, is not affected by the deal.
The sale was made as part of the agreement involving the Special Fund Financial Market Stabilization (SoFFin) with the EU Commission.
Commerzbank has made a number of sales over the course of the last year, including Dresdner Van Moer Courtens and the Belgian branch of its subsidiary Commerzbank International S.A. Luxembourg (CISAL), and Dresdner Bank Monaco S.A.M. to Bank Audi sal – Audi Saradar Group.