M and A

J Safra Sarasin Snaps Up Credit Suisse In Monaco, Gibraltar

Amisha Mehta Assistant Editor 22 March 2016

J Safra Sarasin Snaps Up Credit Suisse In Monaco, Gibraltar

The Swiss private bank will boost its European footprint with the purchase of two of Credit Suisse's private banking entities.

J Safra Sarasin Group has agreed to acquire Credit Suisse (Monaco) S.A.M. and Credit Suisse (Gibraltar) for an undisclosed sum.

Credit Suisse (Monaco) S.A.M. was launched over 40 years. The acquired entity will rank among the largest banks in Monaco, J Safra Sarasin said in a statement.

Credit Suisse (Gibraltar) has been providing private banking and wealth management services since 1987. Both acquisitions are expected to be completed this year, subject to regulatory approval.

“The acquisition of Credit Suisse in Monaco and Gibraltar, with their skillful 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,” said Jacob J. Safra, vice chairman of the board of directors J. Safra Sarasin Holding. 

J Safra Sarasin, founded in 1841, has been operating in Gibraltar since 2001 and in Monaco since 2006. It managed total client assets of over SFr 144 billion at the end of 2015. In November, Banque J Safra Sarasin (Luxembourg) agreed to acquire Bank Leumi’s Luxembourg’s private banking business.

The two acquisitions are the latest in a string of recent M&A deals in the European private banking industry. Last week, for example, Liechtenstein's LGT agreed to acquire a majority stake in the UK's Vestra Wealth. A day later, Paris-listed Societe Generale announced plans to buy the UK and Channel Islands wealth management businesses of BHF Kleinwort Benson Group. Other recent deals include Geneva-headquartered SYZ Group's purchase of the Swiss wealth arm of Royal Bank of Canada, while Julius Baer has agreed to acquire Commerzbank International SA Luxembourg.

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