Societe Generale has negociated a binding offer with Oddo & Cie to acquire Kleinwort Benson Wealth Management (KB Bank Limited and KB Channel Islands Holdings Limited), the UK and the Channel Islands wealth management entities of BHF KB. This transaction is subject to the success of Oddo & Cie’s bid and to usual conditions, notably the negotiation of the share sale agreement with BHF Kleinwort Benson.
This acquisition would allow Societe Generale Private Banking to accelerate its development in its core markets in EMEA and especially in the UK according to its strategy. It would have no significant financial impact on the Societe Generale Group.
The combination of Kleinwort Benson Wealth Management and SG Hambros would make one of the best private banks in the UK and the Channel Islands, capitalizing on the complementarity of these two prestigious brands and their respective strengths.