Private bank Kleinwort Benson is buying Close Brothers Offshore Group (COG) for £29.1m, including its Manx offices.

Kleinwort says the deal will see it acquire Close's offshore private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man, as well as a shared service centre in Cape Town.

Close has its Manx headquarters in St George's Court in Upper Church Street, Douglas

Kleinwort's chief executive Sally Tennant says the acquisition adds further scale and strength to the firm's banking and fiduciary businesses.