THE wealth management firm Kleinwort Benson CI is under new ownership.

Its parent company, Dresdner Bank AG, has been sold by its ultimate parent company, Allianz SE, for 9.8 billion euros to the rival German banking group Commerzbank AG.

The deal announced in the German media at the weekend creates a new giant in the European retail and corporate banking market and is generally regarded as healthy for the German banking business. The impact on the Channel Island business is as yet uncertain, although the management are welcoming the news with ‘great optimism’.

The national media reported earlier this week that around 9,000 jobs would be cut across the two banks as a result of the takeover, including in the City of London. But in a press release issued on Monday Kleinwort Benson say that for the moment there is expected to be little impact on the business.

‘Kleinwort Benson has received no information to suggest that it will be affected by the widespread job losses reported in the media, many of which will be focused on the consolidation of Commerz-bank and Dresdner’s retail and investment banking operations, and not towards the new bank’s now considerable private wealth management division.’

• Picture: Kleinwort Benson’s managing director, Angus Taylor, and chief executive, Robert Taylor