South: Societe Generale acquires Kleinwort Benson for merger with SGPB Hambros

Societe Generale has signed a share-purchase agreement to acquire from Oddo & Cie 100% of Kleinwort Benson and Kleinwort Benson Channel Islands Holdings, the UK and Channel Islands wealth management business of BHF Kleinwort Benson Group S.A. Oddo & Cie itself recently acquired the company.

Subject to regulatory approvals, Kleinwort Benson will eventually be combined with Societe Generale Private Banking Hambros (SGPB Hambros), the group’s private banking business in the UK and Channel Islands, to create one of the leading private banks in the UK market.

Jean-Francois Mazaud, head of Societe Generale Private Banking, said: “This acquisition will bring together two of the most recognised names in private banking, with shared values and a shared heritage in the UK and Channel Islands established through their deep-rooted history here. It will enable us to leverage the expertise and strengths of the teams from each business.” 

Established originally as Hambros Bank in 1839 in the UK, as a merchant bank financing domestic and international businesses, SGPB Hambros has grown to become one of the most distinguished private banks in the country. 

Kleinwort Benson, created from a business in 1786 to finance trade in England, has enjoyed a similar history, offering wealth-management services to private clients for over 200 years with a compelling relationship-driven proposition. In addition to offering award-winning private banking and wealth-management solutions to individuals, including growing numbers of executives, entrepreneurs and those with inherited wealth, Kleinwort Benson is increasingly gaining presence as financial adviser to a number of major UK infrastructure projects.

Martha Boeckenfeld, chief executive officer of Kleinwort Benson, said: “The combination of Kleinwort Benson and SGPB Hambros is a very exciting development for our clients and our staff.” 

Grégoire Charbit, partner at Oddo & Cie, added: “This deal is consistent with our strategy to focus on the Franco-German market.  Kleinwort Benson is a prestigious bank, with a long history and renowned expertise. We are convinced that the new shareholder, Societe Generale, will provide great opportunities both for clients and staff of Kleinwort Benson.”

The acquisition reflects Societe Generale’s growth ambitions in private banking in its core markets of Europe, the Middle East and Africa, and is aligned with its strategic objective to be a relationship-focused private bank of reference.