Big firms see scope for offshore opportunities

SGPB Hambros, part of Societe Generale Private Banking, has announced the completion of its acquisition of the private client investment management business of Baring Asset Management in Guernsey and London.

The news comes hot on the heels of the acquisition of Close Offshore Group by Kleinwort Benson. Both acquisitions underpin plans for both groups to grow activities in private banking and wealth management.

The SGPB Hambros acquisition follows a number of years of rapid growth since Hambros Bank was itself acquired by Societe Generale in 1998 to develop private banking in the UK and the Channel Islands. "The acquisition is consistent with Societe Generale Private Banking’s global strategy to expand both through internal and selective external growth in order to increase its presence in key established markets," comments SGPB Hambros.
 
The SGPB Hambros Group employs over 500 staff, with principal offices in Guernsey, Jersey, Gibraltar and London, and has a UK regional presence in Cambridge, Newbury, Manchester, Lymington, Edinburgh and Leeds.
 
Commenting on the recent acquisition of Close Offshore Group, Sally Tennant, Chief Executive Officer of Kleinwort Benson Bank, said, “The acquisition of Close Offshore Group follows our strategy of developing our offshore capability. This strategic acquisition adds scale to our banking and fiduciary businesses and will enhance our client offering with the addition of innovative products and new distribution channels. The combined business will have strength and depth in terms of its people, services and systems.”