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  1. Wealth
August 24, 2009

Sunday Times: Close Bros bids for Kleinwort

By Spear's

Close Brothers has tabled a bid for Kleinwort Benson, the private banking group, pitting itself against a rival consortium of City grandees.

Close Brothers has tabled a bid for Kleinwort Benson, the private banking group, pitting itself against a rival consortium of City grandees.

Advisers from Greenhill are working with Close on the proposal, which would unite two of the oldest names in the City if it were to succeed.

Close is among a clutch of potential bidders through to the second round of an auction process for the bank, which has been put up for sale by Commerzbank.

The German giant, under pressure from the European Commission to sell assets, is believed to be looking for as much as £300m for Kleinwort.

More than 10 parties were in the first round of the auction, which is being handled by Goldman Sachs and is believed to have attracted interest from trade and private equity buyers.

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

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