Commerzbank sells Kleinwort Benson to RHJI

Private bank and wealth managers Kleinwort Benson has been sold by Commerzbank to Brussels based RHJ International for £225m in cash.

RHJ International, a diversified investment holding company, will allow the Channel Island-based wealth manager to retain its branding and management. It also intends to adopt Kleinwort Benson as the overarching brand for all its financial services businesses. Kleinwort Benson CEO Robert Taylor says his management team had submitted an unsuccessful bid for the firm, but he was confident the new owners shared the same agenda. "It is important to both teams that we don't put our customers through any disruption. RHJI want to re-build and hold this brand going forward." Talyor says...