Kleinwort Benson – Wikipedia

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Kleinwort Benson was a precede investment bank that offered a wide range of fiscal services from offices throughout the United Kingdom and Channel Islands. Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. They merged in 1961 to create Kleinwort Benson Lonsdale, later Kleinwort Benson. Following its skill by Société Générale in June 2016, it was merged with SG Hambros, already a subsidiary company of Société Générale, to form Kleinwort Hambros in November 2016 .

history [edit ]

The 20 Fenchurch Street build up occupied by Kleinwort Benson. It was demolished in 2007

Kleinworts [edit ]

The earliest known Kleinwort to go into deposit was 24-year-old Heinrich Kleinwort, a grandfather of Sir Alexander Drake Kleinwort, 1st Baronet. [ 1 ] In 1786, Heinrich set up a partnership with Otto Mueller in Holstein to finance trade wind with England. [ 2 ] Kleinworts established a successful trading business in Cuba, profiting from the expansion of the H. Upmann and Sons cigar clientele. [ 3 ] Edward Cohen and James Drake joined the firm in the 1830s and for a while it was known as Drake, Kleinwort and Cohen ; it was then renamed Kleinwort, Sons and Company in the 1880s. [ 4 ]

The firm helped finance Francisco Franco ‘s coup d’etat d’état in Spain by approving a credit of 800,000 pounds at 4 % interest on 15 September 1937. A calendar month later Kleinworts agreed another loanword of 1,500,000 pounds sterling at 3 %. [ 5 ]

Robert Benson & Co . [edit ]

In 1786, Robert Benson, a Quaker, joined with William Rathbone IV of the existing firm of William Rathbone & Co. to form Rathbone & Benson, a Liverpool clientele trade chiefly with America. [ 2 ] Over the course of the nineteenth hundred, the Benson family, under the operate of Robin Benson, grew its wealth through railroad track finance in Britain, Europe and America. [ 2 ] For example it became part of a syndicate that marketed shares in the Illinois Central Railroad in 1852. [ 6 ] In 1947 Robert Benson and Co. merged with Lonsdale Investment Trust ( founded by Leo Lonsdale ) to form Robert Benson, Lonsdale and Co. [ 7 ] The Benson family interest in the group was watered down but operational control of bank remained with its Chairman, Rex Benson. [ 8 ]

Kleinwort Benson [edit ]

Kleinworts and Robert Benson, Lonsdale and Co. merged to form Kleinwort Benson Lonsdale in 1961. [ 2 ] The incorporate tauten acquired the bullion principal Sharps Pixley in 1966 thereby securing a seat on the London gold price fixing committee that met twice daily in the offices of N M Rothschild & Sons. [ 9 ] Kleinwort Benson worked on several major mergers and acquisitions at this prison term including the fusion of Cadbury with Schweppes in 1969. [ 10 ] The firm decided to enter the securities market buying Grieveson Grant, a leading stockbroker, in April 1986. [ 11 ] Although, like many other banks at the time, Kleinwort Benson contemplated buying a speculate tauten in order to get into that part of the market, in the end it was saved from having to do thus by the desertion of a number of aged market-makers from Wedd Durlacher Mordaunt as it was acquired by Barclays Bank. [ 12 ] In the 1980s, Kleinwort Benson was a pioneer in denationalization. It managed the reprivatisation of british Aerospace, the beginning of the british Government ‘s plan of disposals in 1981. [ 13 ] It besides managed the flotation of Cable & Wireless in the lapp year. [ 14 ] It next advised on the denationalization of Associated British Ports in 1983. [ 15 ] It went on to advise the british Government on the sale of 50.2 % of British Telecom, the largest ever share issue at the prison term, in 1984. [ 16 ] It assisted with the denationalization of Enterprise Oil in the same year. [ 17 ] Important private sector transactions at that time included the takeover of Harrods by the Fayed brothers in 1984. [ 18 ] The firm besides worked on abroad privatisations advising the italian government on the IPO of Enel in 1993. [ 19 ] In the United Kingdom it advised on Carlton Communications ‘ £723 million coup d’etat of Central Television in the same year. [ 20 ]

Dresdner Kleinwort [edit ]

In 1995, Kleinwort Benson was acquired by Dresdner Bank and, as Dresdner Kleinwort, became its investment bank branch. [ 21 ] It added ball-shaped range through the skill of the US investment bank Wasserstein Perella in 2001 ( from Bruce Wasserstein ). [ 22 ] The Frankfurt branch of the bank was instrumental in initiating trade in emissions credits in 2003. [ 23 ] In 2004, the russian politics hired Dresdner Kleinwort to value Yukos ‘s Yuganskneftegaz which was later sold to russian state anoint major Rosneft. [ 24 ] In January 2006, the bank became the target of a US $ 1.4 billion class natural process suit by six employees alleging bias and systematic discrimination against female workers. [ 25 ]

In December 2008 Commerzbank, which was in the process of acquiring Dresdner Bank, [ 26 ] decided to close Dresdner Kleinwort ‘s Mergers & Acquisitions Unit. [ 27 ] then in March 2009 it became clear that the office in Japan would close. [ 28 ] It besides became open that the capital markets and equities units would close and that advisory exploit would lone be undertaken for Commerzbank ‘s german clients. [ 29 ] In February 2009 the Commerzbank management announced that no bonuses would be paid across the Commerzbank group including Dresdner Kleinwort. This was clarified to mean that Front Office staff would receive 10 % of the bonus promised in December 2008 but support functions would receive their full bonus. This, together with issues regarding rupture payments and guarantee bonus payments, led to a count of lawsuits. [ 30 ] Jens-Peter Neumann, early promontory of Capital Markets sued in Germany in April 2009 for €1.5 million in severance pay. [ 31 ] Former aged managers Martin Newson, Eduardo Listorti and Michael Adams sued but settled knocked out of court. [ 32 ] other executives ( Areski Iberrakene, Efstratios Hatzistefanis, Kaveh Taleghani and Stefan Guetter ) won their bonus suits against the bank in August 2009. [ 33 ] Additional cases were brought by Dresdner Kleinwort executive committee members John McIntyre, Bertrand Pinel and Alberto Piedra in August 2009 seeking €11 million. [ 33 ] In September 2009, 72 early and current Dresdner Kleinwort front agency employees sued for £30 million in challenge bonus payments. [ 34 ]

BHF Kleinwort Benson Group [edit ]

Kleinwort Benson ‘s offices at St George Street in London In September 2009 Commerzbank decided to abandon use of the Dresdner Kleinwort name [ 35 ] and, in October 2009, sold the firm, by then renamed Kleinwort Benson, to RHJ International. [ 36 ] In July 2011, RHJ International announced that its subordinate, Kleinwort Benson, was in exclusive negotiations with Deutsche Bank regarding a potential acquisition of BHF Bank, one of Germany ‘s strongest bank brands, with operations in private banking, asset management, fiscal markets and corporate bank. In September 2012, it announced that it had reached agreement with Deutsche Bank for Kleinwort Benson to acquire BHF Bank for €384 million. [ 37 ] In November 2011 Saffron Tax Partners announced the acquisition of the private customer tax conformity business from Kleinwort Benson. [ 38 ] In December 2012 London-based freelancer advice firm SK Financial bought about 1,000 clients from Kleinwort Benson that Kleinwort Benson felt it could no longer subscribe productively after the implementation of the Retail Distribution Review. [ 39 ] The bank moved to raw premises at St George Street in London in 2012. [ 40 ] RHJ International became “ BHF Kleinwort Benson Group ” in March 2015 [ 41 ] and was acquired by Oddo & Cie in early 2016. [ 42 ] then in June 2016, Société Générale acquired Kleinwort Benson from Oddo et Cie. [ 43 ] It merged the trust with its existing individual bank subordinate SG Hambros in November 2016 to form Kleinwort Hambros. [ 2 ]

luminary current and former employees [edit ]

business [edit ]

Politics and public service [edit ]

Arms [edit ]

Coat of arms of Kleinwort Benson
Kleinwort Benson Escutcheon.png
Notes
Granted 30th July 1959[55]
Crest
On a wreath of the colours upon a mount Vert three trefoils slipped the centre one Or the outer ones Proper.
Escutcheon
Per chevron Or and Sable in chief two oak trees eradicated Proper fructed Gold in base a lion rampant also Gold a chief of the second bezantee.
Supporters
On either side a lion Or gorged with a collar Sable charged with a trefoil slipped Gold between two bezants in the paws a sprig of oak leaved and stalked Proper fructed also Gold.
Motto
Nil Sine Studio

See besides [edit ]

References [edit ]

Sources [edit ]

further read [edit ]

  • Wake, Jehanne (2000). Beyond The Banking Hall, A History of the Kleinwort Family. Sutton Publishing. OCLC 52713165.

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