The FINANCIAL — Societe Generale announces that it has unveiled Kleinwort Hambros, the new brand name of the combined businesses of Kleinwort Benson and Societe Generale Private Banking Hambros.
Created in-house by Societe Generale, the new brand name has been chosen based on key findings of a survey with internal and external stakeholders from both brands. The combination of two strong names in private banking with shared heritage and shared values, Kleinwort Hambros will be one of the leading wealth managers in the UK, Channel Islands and Gibraltar with assets under management of £16 billion and offices in London, Cambridge, Newbury, Leeds, Edinburgh, Jersey, Guernsey and Gibraltar.
The launch of Kleinwort Hambros follows the purchase of Kleinwort Benson by Societe Generale in June 2016, and its subsequent merger with SGPB Hambros to consolidate Societe Generale’s private banking activities in the UK, Channel Islands, and Gibraltar, according to Societe Generale.
Eric Barnett, chief executive officer of Kleinwort Hambros, said: “This is another significant milestone in the history of two well-established names in private banking, which can trace their roots right back to around the beginning of the 1800s. Building on the existing strengths of both companies, Kleinwort Hambros will be a significant force in the private banking market.”
He added: “Having defined our product range, which combines award-winning investment products from both sides, we will continue to invest in our processes, systems and staff, to ensure we continue the long-standing tradition of offering first-class service to clients of both companies.”
Within the top ten private banks in terms of assets under management in the UK*, Kleinwort Hambros’ new investment product range will include discretionary, advisory, structured and alternative products such as hedge funds and private equity. There will be additional products for lending, including lending for specialist items such as yachts, jets and real estate, a bespoke trading platform and dedicated funds research team.
Regional presence will continue to play an important role in the future of the business with a focus on clients outside of London and plans to recruit new bankers in the regions. Growing the family office will also be a key priority, and Kleinwort Hambros will be looking to expand this part of the business significantly throughout Europe.
In addition, the aim for the new brand is to create a private bank that is as digital as it is physical, and it will build on its existing e-banking services, develop digital and robo-advice, whilst acknowledging the importance of the role of private bankers and strong geographical footprint.
Jean-Francois Mazaud, head of Societe Generale private banking, commented: “We are very proud to demonstrate our strong ambitions in private banking with the creation of Kleinwort Hambros, and we are very excited to be working with two such strong brand names. We are looking forward to cementing our reputation as a leading player in wealth management and reinforcing Societe Generale’s growth strategy in private banking in its core markets.”
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