J. Safra Sarasin group has signed an agreement to acquire Lombard Odier's private banking business in Gibraltar.
The acquisition includes the transfer of clients and their experience relationship managers. It is another step forward in the growth strategy of the group's private banking business.
This acqusuiton will further enhance its already strong footprint in Gibraltar, where it has been present since 2001. The bank had acquired Credit Suisse (Gibraltar) in 2016.
The completion of the acquisition is expected in mid-2019, subject to regulatory approval. Financial terms are not yet disclosed.