Moody's could cut Kleinwort

Moody's Investors Service said it placed the Baa2 long-term bank deposit ratings, the Prime-2 short-term ratings and the C-/Baa2 standalone credit assessments of Kleinwort Benson Bank Ltd. and Kleinwort Benson (Channel Islands) Ltd. on review for downgrade.

Moody's said its decision to place the ratings on review reflects: (a) The continued negative pressure on profitability, partly stemming from the uncertain economic environment and partly due to insufficient revenue generation relative to the cost structure; and (b) the difficulty the bank could face in achieving sustainable growth in assets under management in the current, highly competitive operating environment.

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