Carey Olsen has advised Close Brothers Group plc on the sale of its trust, fund administration, asset management and banking businesses in Jersey and Guernsey to Kleinwort Benson for £29.1 million.

The deal between two of the largest administration groups in the Channel Islands is the largest sale across the islands in recent years.

The sale, subject to regulatory approval, is expected to be completed towards the end of July.

A Channel Islands cross-practice team of 16 from Carey Olsen advised on the legal and regulatory aspects of the transaction. The transaction was led by corporate partners Graham Hall in Guernsey and Mike Jeffrey in Jersey with support from senior associates Tony Lane and James Fox.

Graham Hall said: “This sale is significant for the Channel Islands financial services industry and we were delighted to support Close Brothers on this transaction. It was a complex deal due to the size of the businesses involved in the disposal and the requirement to co-ordinate activities in various jurisdictions.”

Andrew Henton, Close Brothers’ Head of UK Offshore said: “The experience of the team and quality of advice that we have received from Carey Olsen during this transaction has been invaluable and enabled the process to run smoothly throughout.”

Carey Olsen has previously advised SandpiperCI on the sale of five supermarket sites to Waitrose which was the largest Channel Island acquisition in 2010.