Kleinwort Benson gets new Dresdner chairman
Kleinwort Benson, the UK wealth management arm of Dresdner Bank, announced its current chairman David Henderson will step down. He will be succeeded by Holger Boschke, former CIO of Dresdner's private client business.
The move comes a month after rival Commerzbank bought Dresdner for €9.8bn ($14.4bn).
Boschke takes over the reins at Kleinwort Benson in anticipation of further integration of the two banks under the Commerzbank brand, which will begin in earnest on January 1 2009.
David Henderson will retire on November 6, his 60th Birthday, but will continue to work with Kleinwort Benson as a special adviser. Henderson was chairman and director of the bank for four years and previously chief executive of Kleinwort Benson Private Bank. He will also retire as director of Kleinwort Benson Channel Islands.
Boschke was chief investment officer for private and business clients. The bank said Boschke’s appointment follows a seven year association with Kleinwort Benson during which he worked with the bank as deputy CEO and head of investment products. Boschke has been a director on the board of Kleinwort Benson Private Bank for since last summer.
Rob Taylor, chief executive of Kleinwort Benson said, “We look forward to welcoming Holger as our new Chairman as he assumes more responsibility in the company. Having worked with Kleinwort Benson in London for seven years and been a director on the board for over a year, Holger knows Kleinwort Benson very well.”
A source close to the situation said: "The first step of the merger will be complete by the beginning of January 2009. At this point Commerzbank will acquire approximately 60% of the shares in Dresdner Bank and will gain control over Dresdner Bank. Until then both banks remain legally independent entities and will operate their business independently."
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