View the article online at http://citywire.co.uk/wealth-manager/article/a743330
Kleinwort Benson in ownership shake-up as losses reach £14m
by Elsa Buchanan on Mar 28, 2014 at 07:56
RHJ International hopes the deal will create a European private banking powerhouse. The business combination will lead to a 270% asset rise to €26.3 billion, while income will increase by 125% to £122.4 for the combined private banking business.
Leonhard Fischer, chief executive officer of RHJ International, said: 'The combination of Kleinwort Benson and BHF, with its robust capital position and low risk balance sheet, provides us with a solid foundation to capture the strong growth that is expected in the German and UK wealth management markets, with the combination of our highly-complementary asset management operations also providing opportunities for revenue growth.
'Combined with the ongoing management of our cost base and the synergy savings that we expect to achieve across our wealth management operations, we are well-placed to drive long-term profitable growth and shareholder value creation.'
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