Societe Generale has struck a deal with Paris-based Oddo & Cie to acquire Kleinwort Benson Wealth Management.

Societe Generale said today it will buy the UK and Channel Islands wealth management entities of BHF Kleinwort Benson Group if Paris-based Oddo & Cie successfully bids for the 85 per cent (source: Reuters) of BHFKB it does not own already.

Societe Generale has negotiated a binding offer with Oddo & Cie to acquire Kleinwort Benson Wealth Management, although the deal is subject to the success of Oddo & Cie’s bid and to usual conditions – notably the negotiation of the share sale agreement with BHFKB.

Societe Generale Private Banking said in a statement the acquisition would accelerate its development in its core markets in EMEA - especially in the UK – as per its strategy. The move would have no significant financial impact on the Societe Generale Group, it added.

As highlighted by Reuters, Oddo's bid puts it in direct competition with Chinese investor Fosun, which owns nearly a 20 per cent stake and in July announced its intention to offer 5.10 euros per share to buy the rest of BHFKB (Oddo is reportedly offering 5.75 euros per share). See more on that here.