UK private bank Kleinwort Benson is gearing up
for a period of expansion following the completion of its sale to
RHJ International (RHJI) for £230m ($350m) by Germany’s Commerzbank
Bank.

Kleinwort Benson chief executive Robert Taylor
said RHJI was in a strong financial position to develop new and
exciting business ventures alongside its current business
lines.

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It is understood Taylor has plans to hire
bankers in the next 12 to 24 months as it looks to expand its fund
and asset management, and financial advisory services.

Brussels-based RHJI is the publicly-traded
investment firm founded by Timothy Collins, who also established
private equity firm Ripplewood Holdings.

The completion of Kleinwort’s UK and Channel
Islands sale marks the reuniting of RHJ chief executive Leonard
Fischer with Kleinwort Benson.

Fischer headed Kleinwort for more than two
years when it was owned by Dresdner Bank, before departing in 2002
over what were referred to as “differences of opinion” on the best
way to run the firm.

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The acquisition of Kleinwort Benson from
Commerzbank is part of RHJI’s strategy to build a dynamic wealth
management, specialised asset management and financial advisory
services business under Kleinwort Benson, the bank said.

Assuming the successful completion of the
acquisition of KBC Asset Management Dublin, which RHJI announced on
21 June, assets under management, combined with Kleinwort Benson’s
existing activities, will reach more than €10bn ($12.6bn).

Richard Robins will remain as chairman of Kleinwort Benson’s
Channel Islands business.