Focus on growth now change of KB ownership complete

KLEINWORT BENSON is focusing on growing its Guernsey business now that its change of ownership is officially complete.

The deal between Commerzbank AG and RHJ International SA, first announced in October, was completed at the end of last week and sees the formation of a new financial services group under the holding company KB Financial Services Holdings Ltd.

The acquisition is part of RHJI's strategy to build a dynamic wealth management, specialised 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 10bn euros.

Angus Taylor (pictured), managing director of Kleinwort Benson in the Channel Islands, said it promised to be an exciting future for the Guernsey operation, which employs just under 200 staff and saw the recent migration of banking roles from Jersey to Guernsey, announced in March.

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