Kleinwort Benson has agreed to buy Close Brothers Offshore Group for a cash consideration of £29.1 million ($46.7 million).

The acquisition includes the Offshore Group’s private banking, fund administration, trust and asset management businesses across Guernsey, Jersey and the Isle of Man, as well as its wholly-owned service centre in Cape Town, South Africa.

The deal, which remains subject to price adjustments due to the net asset position of the acquired business at the time of completion, will take Kleinwort Benson’s private wealth assets under management to around £7 billion. It also gives the bank a presence in the Isle of Man and South Africa.

Close Brothers Offshore Group currently employs 350 people across the four jurisdictions, while Kleinwort Benson employs 358 in the Channel Islands and 271 in the UK.

The deal has the full support of Kleinwort Benson’s shareholder, RHJ International, and is being conducted through Kleinwort Bensons Channel Island Holdings, the firm said.