French banking giant Societe Generale has declined to comment on reports it has scrapped plans to sell its UK wealth manager Kleinwort Hambros after failing to attract suitable offers.
Bloomberg reported that the bank has opted to keep Kleinwort Hambros for “the time being” after it could not reach an agreement with potential acquirers.
A SocGen spokesperson told International Adviser that the bank “does not comment on market speculation”.
Bits and pieces
Rumours circulated that the business had attracted interest from wealth managers Julius Baer and EFG International.
The report said that some potential buyers were put off by the “small size of the business”, as well as the “potential for ongoing restructuring costs”.
Also, some firms were interested in buying only some parts of the business.
Kleinwort Hambros was the product of the merger between UK firm Kleinwort Benson and Societe Generale private banking arm Hambros in 2016.