Kleinwort Benson buys Close Offshore for £29m

Private bank Kleinwort Benson will acquire Close Brothers Offshore Group (COG) in a £29.1m deal which will see its private wealth assets under management swell to £7bn.

The deal brings under Kleinwort Benson's control all of COG's private banking, fund administration, fund management, trust and asset management businesses in Guernsey, Jersey and the Isle of Man.

It also includes the transfer to Kleinwort Benson of COG's shared service centre in Cape Town.

The deal is expected to be completed by 31 July this year.

Sally Tennant, chief executive of Kleinwort Benson, says: "The acquisition of COG is in keeping with Kleinwort Benson's strategy of developing its on and offshore business."

"It will add further scale and strength to our banking and fiduciary businesses, enhancing our client offering with the addition of innovative products and new distribution channels."

The deal comes after Kleinwort Benson was bought by RHJ International last year, following former parent company Dresdner Bank's takeover by Commerzbank in 2009.