On Air Saturday Breakfast Simon Clarke | 6:00am - 8:30am

Kleinwort Benson buys Close Offshore

Kleinwort Benson has completed its acquisition of Close Brothers' offshore business.

In a £26.4 million deal, the company has bought private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man.

It increases Kleinwort Benson's private wealth assets under management by £1.6 billion, and strengthens its banking liquidity and capital position.

Kleinwort's chief executive Sally Tennant says buying Close Offshore Group follows the company's strategy of developing its offshore capability.

More from Isle of Man Business