Societe Generale confirms the closing of the acquisition of Kleinwort Benson in the UK and Kleinwort Benson Channel Islands Holdings Limited from Oddo & Cie.
The newly-acquired businesses will be fully integrated with Societe Generale Private Banking Hambros (SGPB Hambros), planned for early 2017. Until full integration, they will operate as independent entities within Societe Generale group.
Eric Barnett, CEO of SGPB Hambros, is appointed CEO of Kleinwort Benson with immediate effect, replacing Martha Boeckenfeld who has decided to leave BHF KB Group after the successful completion of this transaction. One of Eric’s key objectives as CEO of both companies will be to start developing cooperation between the two businesses ahead of the planned integration. Subject to regulatory approval, he will be proposed as CEO of the new combined private bank.
The combined SGPB Hambros and Kleinwort Benson business will represent approximately £14bn ($20.41bn) of assets under management.