Commerzbank puts Kleinwort Benson for sale
ONE of the City’s most venerable private banks, Kleinwort Benson, is to be put on the market this week by its parent Commerzbank.
Goldman Sachs has been appointed to manage its disposal and the group has received interest from several parties believed to be Standard Chartered, Royal Bank of Canada and Schroders.
As part of the the German bank’s agreement with the EU Commission to guarantee state aid, Commerzbank has to dispose several of its non-core assets, including Kleinwort Benson, by 2011.
Commerzbank, which bought Kleinwort Benson last year as part of its purchase of Dresdner Kleinwort, is believed to be seeking up to £300m.
Kleinwort Benson employs about 680 people in London and the Channel Islands and has £6.9bn of assets under management. The private bank is believed to be keen to retain the brand, which dates back to 1786.