Banca del Gottardo is to sell its Monaco business, Banque du Gothard (Monaco), to Banque Jacob Safra. The price of the acquisition was not d...

Banca del Gottardo is to sell its Monaco business, Banque du Gothard (Monaco), to Banque Jacob Safra. The price of the acquisition was not disclosed. The move was anticipated by WealthBriefing in an article on November 8th entitled: "Safra Considers Banca del Gottardo Acquisition". The addition of Banque du Gothard (Monaco)'s SFr3.5 billion ($2.6 billion) of client assets under management will increase Banque Jacob Safra's client assets under management to SFr 15 billion. “The sale of Banque du Gothard (Monaco) represents an important step in the process of focusing our private banking activities and has no impact on our financial targets, announced on October 6,” said Marco Netzer, chief executive at Banca del Gottardo. The move marks a significant expansion for Banque Jacob Safra, a private bank set up in 2000 by Joseph Safra and his son Jacob and named after the family's founding patriarch.