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"With the growth of the UK wealth management industry set to continue, the complementary nature of Kleinwort Benson and SGPB Hambros will build on our unique expertise.
Established originally as Hambros Bank in 1839 in the UK as a merchant bank financing domestic and international businesses, SGPB Hambros has grown to become one of the most distinguished private banks in the country.
"The combination of Kleinwort Benson and SGPB Hambros is a very exciting development for our clients and our staff," said Martha Boeckenfeld, Chief Executive Officer of Kleinwort Benson.
The majority of SGPB Asia employees, management and relationship management teams will be transferred to DBS.
"By integrating SGPB Asia into a larger platform, DBS could achieve a combined portfolio with greater cost efficiencies, given the potential to reduce expenses related to infrastructure, information technology, and other redundancies.
Geographically, SGPB Asia's client base is more heavily weighted towards North Asia, while DBS' client base is generally biased towards South and Southeast Asia.
In terms of products, SGPB Asia demonstrates expertise in structured products and equity derivatives, complementing DBS' strengths in fixed income, currency and commodities.
It said that Mark Dean and Dominic Peyton, who joined SGPB Hambros late last year as senior private bankers, will provide wealth management advice to lawyers in private practice and at the Bar.
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