The wealth management industry has buzzed with speculation on Kleinwort’s new owner since Commerzbank’s decision to sell the UK private bank was announced in May. Along with rumours of a potential management buyout, the names of several domestic and international financial services firms were linked to the deal, and so it may have surprised some that RHJ International, which includes automotive components and music entertainment companies in its portfolio, emerged victorious.

It is important to note, Mr Taylor said, that RHJI’s senior management team is comprised of bankers and that the firm has been looking for a wealth management acquisition to drive its expansion into financial services – and in particular merchant banking - for 18 months. That RHJI has spent this amount of time in searching out a deal was a real attraction, he said, as Kleinwort was looking for a long-term relationship and “worked very hard to find an owner who has a vision for the franchise.”

Strategically, Kleinwort is in “business as usual” mode, said Mr Taylor, adding that the private bank is not being asked to integrate into its new owner as the platform they are buying is stand-alone, however the use of the brand could be extended. What RHJI wanted to do, he said, is find a strong business that it could be proud to be part of moving forwards.

When asked about possible growth, Mr Taylor said that expansionary moves such as new offices in other locations will be considered once the transition to RHJI stable is complete. Kleinwort is in principle looking to grow, but the focus is on “organic evolution” - “watch this space”, Mr Taylor said.

RHJI’s £225 million ($362 million) acquisition of Kleinwort Benson is expected to complete in the first quarter of next year, subject to regulatory approval. Under the terms of the deal, both Kleinwort Benson Channel Islands Holding Limited and Kleinwort Benson Private Bank Limited will be acquired by RHJI.

Commerzbank, which has received a bailout by the German government, has been selling off its non-German banking assets as a condition of receiving public aid under European Union rules. Commerzbank itself bought Kleinwort from its German peer Dresdner Bank (which was ultimately owned by insurance firm Allianz) last year.