Tuesday, June 7, 2011
Kleinwort Benson has announced the completion of its acquisition of Close Offshore Group, first publicized in March 2011.
The acquisition, for a cash consideration of GBP26.4m (USD43.3), subject to post-closing adjustments, comprises COG's private banking, fund administration, fund management, and trust and asset management business across Guernsey, Jersey and the Isle of Man. It also comprises COG's shared service centre in Cape Town, South Africa. COG entities will be rebranding under the Kleinwort Benson name.
The acquisition increases the size of Kleinwort Benson’s private wealth assets under management by GBP1.6bn. The firm explained that it would expand its offshore reach with additional presence in the Isle of Man and South Africa, enhancing and consolidating its position in the offshore banking and fiduciary services markets. The purchase of COG will also strengthen Kleinwort Benson’s banking proposition in terms of liquidity and capital, the firm said.
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.”
Andrew Henton, Head of Close Offshore Group, added: “The progress we’ve made in recent years in distribution, product development, systems and people will benefit the combined business. These strengths, combined with Kleinwort Benson’s expertise and brand, provide a solid platform for growth.”