The acquisition, which was announced in March this year, is for a cash consideration £26.4m, subject to post-closing adjustments, and comprises Close’s private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man.
Kleinwort said the acquisition will increase the size of its private wealth assets under management by £1.6bn and extends its offshore reach into South Africa and the Isle of Man.
Sally Tennant, CEO of Kleinwort Benson Bank, said: “The acquisition of Close Offshore Group follows our strategy of developing our offshore capability.
“This strategic acquisition adds scale to our banking and fiduciary businesses and will enhance our client offering with the addition of innovative products and new distribution channels. The combined business will have strength and depth in terms of its people, services and systems.”