SG Hambros Bank (Channel Islands) part of the wealth management group SG Hambros, has acquired KBL Brown Shipley (Jersey) the offshore priva...

SG Hambros Bank (Channel Islands) part of the wealth management group SG Hambros, has acquired KBL Brown Shipley (Jersey) the offshore private banking and investment management arm of London-based Brown Shipley & Co. The terms of the deal were not disclosed.

“This is our first acquisition in Jersey following a number of years of rapid organic growth. It gives us access to new markets and will broaden our client base. The acquisition confirms our continuing commitment to the Channel Islands market,” said Eric Barnett, group managing director at SG Hambros Bank & Trust.

Earlier this year SG Hambros Bank & Trust beefed up its private banking team in Jersey with two senior private banking hires. Paul Newman joined from NatWest and Matt Falla joined from HSBC International. Last year it merged its Jersey and Guernsey operations.

"Next year we will have been in the channel islands for 40 years," Warwick Newbury, chief executive of SG Hambros told WealthBriefing.

"This is a friendly deal, we won't be making any redundancies," he said.

SG Hambros is part of SG Private Banking, which had €63 billion of client assets at 31 June 2006. It has over 2300 staff working in 23 countries.