Kleinwort Benson Plans Asia Expansion - Report

Vanessa Doctor

25 October 2009

UK private bank Kleinwort Benson is looking to expand in Asia following its acquisition by Belgian holding company RHJ International, the Financial Times reports.

In an interview, chief executive officer Rob Taylor told the publication that the barriers to its international expansion have now been lifted. Mr Taylor was referring to Kleinwort Benson's previous owners, Commerzbank and Dresdner Bank. Commerzbank, which acquired Kleinwort Benson last year, was forced to sell the private bank - as a non-German asset - as a condition of receiving public aid under European Union rules.

"We will work towards growing and expanding into international markets, particularly the Middle East and Far East," he was quoted as having said.

"In the past those markets have been the responsibility of Dresdner and Commerzbank. Now we have the ability to do that on our own," he said.