UK bank Close Brothers has made a bid for Kleinwort Benson, the private bank being sold by Germany’s Commerzbank, the Sunday Times reported in an unsourced report.

Close is one of a number of potential bidders that has made it through to the second round of an auction process for the UK bank, the newspaper said.

WealthBriefing was unable to contact Kleinwort or Close Brothers at the time of publication.

Kleinwort Benson, which traces its roots back to the 1850s, attracted bids from more than 20 trade buyers and up to 10 private equity firms interested in backing an MBO, according to reports.

A source cited a book value of about £300 million ($500 million) for the bank.

Commerzbank, which has received state funds from the German government to bolster its finances, has been disposing of non-German assets as a condition of receiving such aid under European Union market rules. It has been announced that LGT Group, the Liechtenstein-based wealth manager, is to buy Dresdner Bank (Switzerland) from Commerzbank. Commerzbank is also selling Commerzbank (Schweiz) to the Swiss-based Vontobel Group for an undisclosed sum.

Kleinwort Benson’s is not a fire sale and Kleinwort will look carefully at potential suitors to ensure it builds on its strengths in areas such as specialist investment and fiduciary services, the firm’s chief executive, Robert Taylor, has told WealthBriefing.