French financial group Société Générale has launched Kleinwort Hambros, its new UK private bank that gathers Kleinwort Benson and Societe Generale Private Banking Hambros.
Kleinwort Hambros has £16bn (€18.6bn) in assets under management and is established in London, Cambridge, Newbury, Leeds, Edimbourg, Jersey, Guernesey as well as in Gibraltar.
This move follows the acquisition of Kleinwort Benson and Kleinwort Benson Channel Islands Holdings Limited from Oddo & Cie in June 2016. The merger between the two entities is expected to be complete early in 2017.
Kleinwort Hambros will provide a range of financial services including delegated management and advisory and investment solutions in the alternative space.
Commenting the launch, Jean-François Mazaud, CEO of Societe Generale Private Banking, said the group has plans to strengthen its positioning as a wealth management leader in the UK.