BANKING & FINANCE - June 27, 1995

Germans Buy British Bank: Kleinwort Benson Group, a British merchant bank, has accepted a takeover offer worth about $1.6 billion from Germany’s Dresdner Bank. Kleinwort Benson is one of Britain’s largest merchant banks, with 2,800 employees and operations in Asia, Europe and North America. Dresdner is Germany’s second-largest banking group. Both of Germany’s other two large banks have established operations in Britain through acquisitions: Commerzbank recently bought Jupiter Tyndall, a fund management group, and Deutsche Bank purchased the merchant bank Morgan Grenfell six years ago. The Dresdner offer will be sent later this week to Kleinwort Benson’s shareholders, who will have 21 days to accept.