RHJ International has received approval from the Financial Services Authority to become the controller of the UK and Channel Islands private bank and wealth management group Kleinwort Benson. 

This is a major landmark in the organisation’s sale process as RHJ International prepares to take ownership of the wealth manager from Commerzbank.

Robert Taylor, chief executive at Kleinwort Benson, says: “This is another important milestone for Kleinwort Benson as we work towards becoming the UK and Channel Island’s leading independently owned wealth management and fund services provider.

“We have also received confirmation from the Guernsey Financial Services Commission that they have approved the change of control of Kleinwort Benson in Guernsey from Commerzbank AG to RHJ International SA subject to the migration of Kleinwort Benson (Channel Islands) Limited, the offshore banking entity, from Jersey to Guernsey, as well as meeting the GFSC licensing requirements.”

Kleinwort Benson’s fund services, trust and wealth management businesses will continue to operate and grow in Jersey and Guernsey, with deposit-taking centred in Guernsey. 

Completion of the change of control is scheduled to take place in July.