Belgium-based RHJ International (RHJI) has completed the acquisition of British private banking firm Kleinwort Benson from Commerzbank after having received all necessary regulatory approvals.

Under the terms of the agreement RHJI acquires Kleinwort Benson Private Bank and Kleinwort Benson Channel Islands Holdings (together Kleinwort Benson) for total cash consideration of GBP229.6m.

The completion sees the formation of a new financial services group under the holding company KB Financial Services Holdings.

Leonhard Fischer, CEO of RHJI, will become chairman of Kleinwort Benson Private Bank and Richard Robins will remain as chairman of Kleinwort Benson Channel Islands Holdings.

Robert Taylor, CEO Kleinwort Benson will continue as CEO, with overall strategic management responsibility for the two companies. Alan Yarrow has been appointed chairman of KB Financial Services Holdings. He has been involved with Kleinwort Benson since the late 1980s.

Mr Taylor said: “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. The deal also represents a major step towards enhancing our status as a leading independent wealth manager, including asset management and fund administration services.

“We are looking forward to working with our new shareholder on their clear vision and strategy for the Kleinwort Benson business and brand. 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.”