Private bank and wealth manager Kleinwort Benson has been sold by Commerzbank to Brussels-based RHJ International for £225m in cash.
RHJ International, which describes itself as a diversified investment holding company, will allow the Channel Island-based wealth manager to retain its branding and management.
It also intends to adopt Kleinwort Benson as the overarching brand for all its financial services businesses.
Kleinwort Benson CEO Robert Taylor said his management team had submitted an unsuccessful bid for the firm, but he was confident the new owners shared the same agenda.
"It is important to both teams that we don't put our customers through any disruption," he says. "RHJI wants to re-build and hold this brand going forward."
Talyor said RHJI already has longstanding links with Kleinwort Benson. He says: "Our new parent is dedicated to supporting us in our efforts to maintain and to improve our current wealth management, fiduciary and funds administration offering, allowing us to develop our proposition to better meet the needs of our clients, both now and in the future."
Leonhard Fischer, chief executive of RHJI, says: "Kleinwort Benson is an internationally respected brand in banking and with its private banking operation provides a first class service to its clients.
This is an important strategic investment for RHJI in a very attractive market sector. Furthermore RHJI plans to adopt Kleinwort Benson as an overarching brand for its financial services businesses going forward."
Slow progress in improving diversity
Share purchase deal with assets of £28m
Came into effect in January
Three examples of compensation rule issues
Buying in baskets