Société Générale has agreed to purchase 100% of Kleinwort Benson shares from Oddo Group, and plans to merge the wealth manager with its private bank Hambros.
The move combines two of the oldest names in British banking and creates one of the UK's largest wealth managers with combined assets under management of £14.2bn, according to the Financial Times. Oddo recently acquired Kleinwort Benson earlier this year as part of its €760m takeover of BHF Kleinwort Benson and reportedly said at the time of its plans to sell the wealth management arm, which it valued at £190m. Kleinwort Benson becomes latest wealth M&A target Neither parties disclosed the deal's terms, but SocGen it "would have no significant financial impact" on the wider group. ...
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