J Safra Sarasin Group, a private banking group and asset manager headquartered in Basel, Switzerland, has acquired the Credit Suisse Group’s private banking businesses in Monaco and Gibraltar.
The J Safra Sarasin Group noted that the deal strengthens its presence in Gibraltar, where it has been operating since 2001, noting that it considers Gibraltar an important financial centre. It will operate there as Bank JSS (Gibraltar) after the deal is completed.
Oliver Cartade, a member of the board of directors of Bank JSS (Gibraltar), said: “We very much look forward to welcoming new clients and colleagues to J Safra Sarasin. This acquisition will enable us to further expand our footprint in Gibraltar.”
J Safra Sarasin Group has been expanding through acquisitions again after integrating Morgan Stanley’s Swiss private-banking business, which it bought in 2014.