SocGen buys Kleinwort Benson to create wealth management giant

Business-Handshake-Finance-Deal-700.jpgSociete Generale is buying wealth manager Kleinwort Benson to merge it with its private bank Hambros and create one of the largest wealth managers in the UK.

The deal will see SocGen buy Kleinwort Benson from Oddo, which bought the firm as part of its takeover of BHF Kleinwort Benson this year, the Financial Times reports.

The combined companies will result in a wealth manager with nearly £14.2bn in assets under management.

The price paid in the deal was not revealed, although Kleinwort Benson was valued at around £190m during a previous bid for the firm.

Jean-Francois Mazaud, head of Société Générale Private Banking, says: “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.”