View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
July 6, 2009

STel: Big names back Kleinwort Benson buyout

By Spear's

Sir John Bond, the chairman of Vodafone, and Simon Robertson, the chairman of Rolls-Royce, are among a clutch of City heavyweights backing a management bid for Kleinwort Benson, one of the City’s oldest and venerable private banks.

Sir John Bond, the chairman of Vodafone, and Simon Robertson, the chairman of Rolls-Royce, are among a clutch of City heavyweights backing a management bid for Kleinwort Benson, one of the City’s oldest and venerable private banks.

The bank, whose roots date back to the 1850s, has been put up for sale after its owner, Commerzbank, was ordered by the European Commission to sell off several assets after it took up €18.2 bn (£16.3 bn) of state aid from the German government.

The EC told the German bank, which acquired Kleinwort Benson in September last year, that it needed to focus on its home market. It has given Commerzbank until 2011 to sell off Kleinwort Benson, whose turnover rose to a record £95m last year.

Following the announcement in May that the bank was to be put up for sale, Kleinwort Benson’s chief executive, Robert Taylor, said that he and his management team were exploring options including a private-equity backed buy-out of the business as well as a trade sale.

To read the full story, visit telegraph.co.uk

Content from our partners
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024
AP Executive: Your Trusted Global Partner in Wealth Management Recruitment
A League of Their Own

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network