Mar 22 - Private Bank J. Safra Sarasin Group Acquires Credit Suisse Gibraltar
J. Safra Sarasin Group has today announced the signing of an agreement to acquire Credit Suisse (Monaco) S.A.M. and Credit Suisse (Gibraltar) Ltd., both highly regarded private banking entities in their distinctive markets.
A spokesman for the Swiss private bank said these acquisitions are an excellent strategic fit with the J. Safra Sarasin Group, and offer clients and employees a new powerful private banking service which builds on the best of two prestigious companies. The J. Safra Sarasin Group has been operating in Gibraltar since 2001 and in Monaco since 2006.
Credit Suisse (Monaco) S.A.M. has been operating for more than 40 years in Monaco and boasts a long tradition and an excellent reputation. It has a unique client base and will be well positioned to benefit from a growing Private Banking market. The new entity will rank among the largest banks in Monaco.
Present in Gibraltar since 1987, Credit Suisse (Gibraltar) Ltd. has grown to be one of the leading Private Banks in the region. With a diversified and stable client base, it has long been recognized as a best-in-class bank providing wealth-management solutions to both private and institutional clients.
Jacob J. Safra, Vice-Chairman of the Board of Directors J. Safra Sarasin Holding Ltd, said: "The acquisition of Credit Suisse in Monaco and Gibraltar, with their skilful and experienced professionals, high quality assets and strong local presence, will allow J. Safra Sarasin to extend its reach in these attractive private banking jurisdictions.
"Credit Suisse Monaco and Gibraltar are an excellent strategic fit to our existing business in these markets."
Both acquisitions are expected to be completed during 2016, subject to regulatory approval.
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