Kleinwort Benson Latest News and Information

Kleinwort Benson has a rich history dating back to 1786, making it one of the oldest investment banks in the world. Founded by George Kleinwort, it has been a key player in the financial industry for over two centuries.

Kleinwort Benson's early success was largely due to its expertise in foreign exchange and bullion trading, which allowed it to establish a strong presence in global markets.

The bank's commitment to innovation and risk management has enabled it to navigate the complexities of the financial sector with ease. Its legacy continues to inspire trust and confidence among clients and investors alike.

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Kleinwort Hambros is nearing the completion of its two-year integration with Societe Generale, with the IT systems being the last to be merged.

The integration, which began after Societe Generale's acquisition of Kleinwort Benson from Oddo & Cie in 2016, is expected to be wrapped up around October.

Kleinwort Hambros currently has a presence in the UK, Guernsey, Jersey, and Gibraltar.

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The bank oversaw nearly €14bn in assets at the end of 2018.

Societe Generale plans to reduce its workforce by nearly 1,600 to trim its expenses by around €500m.

The bank's asset and wealth management business line reported a net banking income of €255m in the first quarter of 2019.

Assets under management in Private Banking totalled €113bn at the end of the quarter.

Kleinwort Benson is being revived after a sale to RHJ, a Belgium-based financial services holding company.

The company has a rich history, dating back 160 years to its City roots. The remnants of the once proud merchant bank were sold for £225m by Commerzbank, its latest owner.

Commerzbank acquired the operation following its rescue of local rival Dresdner this year. The sale comes at a time when banks are selling off non-core operations to appease regulatory demands.

Dresdner bought Kleinwort Benson in July 1995, after a number of old-style merchant banks were being sold to foreign rivals following the "big bang" that liberated the City of London.

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The Kleinwort Benson business being bought is now a private bank and off-shore business with £4.3bn under management. RHJ has ambitions to turn it back into an advisory business in the City.

Leonhard Fischer, the head of RHJ, knows the business well after spending a number of years at Dresdner before leaving five years ago amid a row over strategy.