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Commerzbank puts up Kleinwort Benson for sale
09.06.09
Germany's Commerzbank is set to put Kleinwort Benson, one of the City's most venerable private banks, formally up for sale this week.
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.
Reader views (2)
Quite a shame. A wonderful firm with great people and a fabulous brand.
- D Gezon, Chicago, IL
Commerzbank are at it again destroying value. The clowns running that bank are really quite incredibly incompetent!Bet they want to use the money to make yet more loans to failing "mittel stand" German companies?
- James Ritchie, Oyster Bay Cove, NY
