KLEINWORT BENSON is being sold, but all Guernsey jobs are safe – for now.

Parent company Commerzbank Group will be restructured after receiving a financial boost from the German government.

As a result, the European Commission has demanded it disposes of its foreign businesses.

Kleinwort Benson has been in discussions with Commerzbank as to the best solution for the UK and Channel Island-based wealth manager.

Commerzbank has told Kleinwort Benson management it will not be a ‘fire-sale’.

The European Commission has given to the end of 2011 to allow for the restructuring of the Commerzbank business, by which time Kleinwort Benson can be readied for sale.

Kleinwort Benson has assured clients and employees the company’s priorities remain to deliver a high level of wealth management and fund administration services.

‘While this announcement may be unsettling for our clients, employees and other key stakeholders, we are fully committed to business as usual and there will be absolutely no disruption to the service clients receive from us,’ said Guernsey managing director Sandra Platts (pictured).