Kleinwort Benson is to be sold by its parent Commerzbank after the European Commision’s decision on the German government’s capital injection into the German bank.
Kleinwort Benson is to be sold by its parent Commerzbank after the European Commision’s decision on the German government’s capital injection into the German bank.
As part of EC’s decision, Commerzbank must focus its future on German domestic banking and dispose of some of its foreign businesses.
Commerzbank said that it has given Robert Taylor, chief executive of Kleinwort Benson, assurances that no fire-sale will take place. Commerzbank has until the end 2011 for the restructuring of the business to be complete under EC rules.
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Taylor said: “Whilst these are perceivably unsettling times for our clients, staff and other key stakeholders, we are fully committed to business as usual and there will be absolutely no disruption to the service clients receive from us. Commerzbank continue as our parent until a decision is made regarding our new structure and ownership and we will continue to benefit from their full financial backing.”
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