The change of ownership at London’s venerable private bank Kleinwort Benson is now complete. Having previously been part of Germany’s Commerzbank, it has now been acquired by Belgium’s RHJ International.

The completion of the change of ownership sees the formation of a new financial services group under the holding company KB Financial Services Holdings, Kleinwort said today.

The new chairman of Kleinwort Benson Private Bank is Leonhard Fischer, the chief executive officer of RHJI. Richard Robins remains as chairman of Kleinwort Benson Channel Islands Holdings, while Robert Taylor continues as chief executive, with overall strategic management responsibility for the two companies. Alan Yarrow, who has been with Kleinwort Benson since the late 1980s, has been appointed chairman of KB Financial Services Holdings.

Further appointments to the Board will be announced in due course.

Commerzbank was forced by European Union rules to sell off Kleinwort Benson and other non-core businesses after the bank received state aid from the German government during the financial crisis.

RHJI acquired Kleinwort as part of its strategy to build a dynamic wealth management, specialised asset management and financial advisory services business under the Kleinwort Benson brand.

“With the completion of the sale Kleinwort Benson is able to celebrate its future and to renew business lines it had traditionally operated in as a merchant bank,” said Taylor.

“The deal also represents a major step towards enhancing our status as a leading independent wealth manager, including asset management and fund administration services. This will give our highly valued clients access to a group of trusted advisors to serve their individual needs.”

“RHJI is in a strong financial position to support us and has the capacity to help us develop new and exciting business ventures alongside our current business lines,” Taylor added.

Assuming the successful completion of the acquisition of KBC Asset Management Dublin (more here), assets under management at RHJI, combined with Kleinwort Benson’s existing activities, will reach more than €10 billion (about $12 billion).