UK – PE could support a Kleinwort Benson MBO

The consideration rises after the European Commission determined it would be one of the assets its German owner, Commerzbank would have to sell as requirement for taking EUR 18.2bn in aid from the German state. Commerzbank has until 2011 to divest the business.

Kleinwort Benson was created in 1961 from the merger of Robert Benson Lonsdale and Kleinwort, Sons & Co and bought by Dresdner in 1995. According to annual the private bank's book value has been as high as £300m. Its turnover rose to £95m last year - the highest level ever.

The bank is expected to send an information memorandum to potential bidders by the end of the month.

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