Shearman & Sterling advised Société Générale on its acquisition of Kleinwort Benson Bank Limited and Kleinwort Benson Channel Islands Holdings Limited, the UK and Channel Islands’ wealth management business of BHF Kleinwort Benson Group S.A., a company recently acquired by Oddo & Cie.
Subject to regulatory approvals, Kleinwort Benson will be combined with Société Générale Private Banking Hambros (SGPB Hambros), Société Générale's private banking business in the UK and Channel Islands. The new company will create one of the leading private banks in terms of assets under management and service reach.
The Shearman & Sterling team was led by partner Guillaume Isautier (Paris-M&A), assisted by Brian Butterwick, Tessa Parkes, Rosie Boyle (all London-M&A) and Barbara Le Chapellier (Paris-M&A). The Financial Institutions Advisory & Financial Regulatory team included partner Thomas Donegan and associates Oliver Linch, James Campbell, Uxshely Chotai (all London-FIA) and Mak Judge (Singapore-FIA). The Tax team included partners Simon Letherman (London-Tax), and associates Gabriel Ng, Elizabeth Emerson, Lois Howarth (all London- Tax) and Jeffrey Tate (Washington, DC-Tax).
The Antitrust team included partner James Webber and associates Simon Thexton (London-Antitrust), Kelly Karapetyan and Arjun Chandran (both NY-Antitrust). Counsel Sam Whitaker (London-Compensation, Governance & ERISA) advised on employment aspects.