Kleinwort Benson, the UK private bank, said today it has completed its £26.4 million (around $43.4 million) purchase of Close Offshore Group, in a deal that was announced in March this year.

The acquisition involves a cash consideration of £26.4 million, subject to post closing adjustments, and comprises COG’s private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man. It also includes COG’s shared service centre in Cape Town.

The acquisition increases the size of Kleinwort Benson’s private wealth assets under management by £1.6 billion. The deal also extends Kleinwort Benson’s offshore reach with additional presence in the Isle of Man and South Africa, enhancing and consolidating its position in the offshore banking and fiduciary services markets.

COG entities will be rebranding as Kleinwort Benson.