Kleinwort Benson completes acquisition of Close Offshore Group
Kleinwort Benson has completed its £26.4m purchase of the Close Offshore Group (COG) subject to post closing adjustments.
The deal was announced in March and comprises COG’s private banking, fund administration, fund management, trust and asset management businesses in Guernsey, Jersey and the Isle of Man. It also includes COG’s shared service centre in Cape Town.
The acquisition increases the size of Kleinwort Benson’s private wealth assets under management by £1.6bn, the bank said in a statement. It also extends the bank’s offshore reach with additional presence in the Isle of Man and South Africa, strengthening its position in the offshore banking and fiduciary services markets.
Sally Tennant, chief executive officer at 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.”