Kleinwort Benson sale means firm can realise its ambition

KLEINWORT BENSON'S future in the island looks secure today after its sale to a new parent company was concluded.

The managing director of the bank, which was established in Guernsey 47 years ago, welcomed the news as extremely comforting for staff and clients.

And its chief executive officer said together they could now pursue their 'ambition of becoming the UK's leading independently owned private banking and merchant banking group'.

Its previous parent company Commerzbank Group was told by the European Commission to dispose of its foreign businesses after it received a financial boost from the German government.

The EC gave until the end of 2011 to allow for the restructuring of Commerzbank, by which time Kleinwort Benson was to be sold.

Managing director Sandra Platts (pictured) welcomed news that a deal had been agreed with investment holding company RHJ International, for a consideration of £225m. in cash subject to regulatory approval.

'Having been established in Guernsey 46 years ago Kleinwort Benson has a strong local heritage, and one we are proud to be able to build on with our new owners.

'To know that we will have a new shareholder that has the same values that we hold as a company in terms of high levels of service, growth and development, as well as our commitment to the local community, is extremely comforting for staff and clients alike.'

CEO Robert Taylor said the new parent was just what they had wanted.