Abu Dhabi: Falcon Private Bank, a Swiss firm owned by Abu Dhabi’s Aabar Investments, has agreed to acquire Clariden Leu (Europe), a wholly-owned wealth management subsidiary of Credit Suisse Group AG based in London, UK, the two companies said in a statement on Thursday.
Clariden Leu (Europe), with than 2 billion Swiss francs ($2.14 billion) of assets under management, offers wealth and asset management services to private clients in the key markets Eastern Europe, Middle East and Africa and other emerging markets.
The closing is expected in the first quarter of 2013, subject to legal and regulatory approvals, the companies stated.
“This acquisition brings us one decisive step forward in our strategic ambition to become a leading Swiss Private Banking boutique focusing on emerging markets,” Eduardo Leemann, Chief Executive Officer of Falcon Private Bank, said in a statement.
Erich Pfister, Chairman of the Board of Directors of Clariden Leu (Europe) Ltd. and Head Market Area UK/International for Private Banking Western Europe, Credit Suisse, added that the sale of Clariden Leu (Europe) to the Swiss wealth management boutique Falcon Private Bank ensures “the best possible continuity” for its clients and employees.
“It marks one of the final steps of the successful integration of Clariden Leu into Credit Suisse,” he said.
The companies said that the purchase price for the transaction will not be disclosed, and that UBS acted as financial adviser on this transaction to Falcon Private Bank.