French bank and asset manager, Societe Generale, is buying the British and Channel Islands wealth management businesses of Kleinwort Benson.
The firm has signed a share purchase agreement to acquire 100% of Kleinwort Benson, which is owned by another French financial services firm, the Oddo Group.
The deal is still subject to regulatory approval but if completed, Kleinwort Benson will eventually combine with Societe Generale Private Banking Hambros (SGPB Hambros), the group’s own private banking business in the UK and Channel Islands.
“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.
Societe Generale said that this transaction will have “no significant financial impact” on the group.
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