Business News
RHJ to buy Commerzbank's Kleinwort Benson
Oct 15, 2009, 9:08 GMT
Frankfurt - Germany's Commerzbank is to sell its British- based wealth management group Kleinwort Benson to the Belgian private equity group RHJ International for 225 million pounds (333 million dollars), the two companies reported Thursday.
RHJ's decision to buy Kleinwort Benson comes after it failed last month in its bid to take out a majority stake in General Motors' European offshoot Opel.
Commerzbank acquired Kleinwort Benson as part of its purchase of German insurer Allianz's Dresdner Bank offshoot in January this year.
The Kleinwort Benson sale is expected to be completed in the first quarter of next year.
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