J Safra Sarasin completes Credit Suisse Gibraltar acquisition
J Safra Sarasin, the Basel, Switzerland-based private banking group, has completed its acquisition of Credit Suisse’s Gibraltar operation, which will now be called Bank JSS Gibraltar Ltd.
As a result of the deal, which was first announced in March, J Safra Sarasin is looking to strengthen its presence in Gibraltar, where it has been operating since 2001.
The new bank will provide wealth management services to both private and institutional clients, according to the bank.
The price being paid for the Credit Suisse operation and other details of the deal weren’t disclosed.
Oliver Cartade, a J Safra Sarasin executive who was recently appointed to the Bank JSS Gibraltar board, said in a statement that the acquisition “will enable us to further expand our footprint in Gibraltar”.
As reported, J Safra Sarasin announced in March that it had reached agreement to acquire Credit Suisse’s private banking businesses in both Monaco and Gibraltar, noting that the two entities were “an excellent strategic fit with the J Safra Sarasin Group”.
The deal has been seen in the context of a global move by large, multi-national banks, like Credit Suisse, to sell off their least-profitable and least core assets, following decades of expansion. The trend has taken a toll on some smaller offshore jurisdictions, as it has tended to reduce the services on offer.
Last year, in fact, the Gibraltar government opened its own lending institution, the Gibraltar International Bank, in order to fill what it said was a need in the marketplace that had resulted from the departure of a number of key existing banking institutions from the jurisdiction.
The J Safra Sarasin Group has more than 25 offices across Europe, Asia, the Middle East and Latin America.