The Swiss private banking group has enhanced its presence in Gibraltar.

J Safra Sarasin has completed its acquisition of Credit Suisse (Gibraltar) for an undisclosed sum.

The Basel-headquartered group, founded in 1841, has been operating in Gibraltar since 2001. Credit Suisse (Gibraltar) will now operate as Bank JSS (Gibraltar). It will continue to provide wealth management services to both private and institutional clients.

“We very much look forward to welcoming the new clients and colleagues to J Safra Sarasin. This acquisition will enable us to further expand our footprint in Gibraltar,” said Oliver Cartade, a new member of the board of directors of Bank JSS (Gibraltar).

The J Safra Group has over $149 billion in assets under management. As reported earlier this year, it is also in the process of acquiring Credit Suisse (Monaco).