Commerzbank puts up Kleinwort Benson for sale

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Goldman Sachs has been appointed to manage its disposal and Standard Chartered, Royal Bank of Canada and Schroders are believed to be possible bidders.

Kleinwort Benson management has also spoken to private equity groups about a management buyout. Reports suggest that Commerzbank, which bought the private bank last year as part of its purchase of Dresdner Kleinwort, is seeking up to £300 million.

Kleinwort Benson employs about 680 people in London and the Channel Islands and has £6.9 billion of assets under management.

Insiders indicated they were keen to retain the Kleinwort Benson brand, which dates back to 1786.

Commerzbank has already started to break up sister bank Dresdner Kleinwort. Kleinwort Benson declined to comment.