Swiss banking giant Credit Suisse Group has agreed to sell its domestic private banking activities of in Germany to Bethmann Bank, ABN AMRO’s private bank in Germany.
As part of the deal, Bethmann Bank will take over Credit Suisse’s 9000 private customers, who have a combined wealth of 10 billion ($13.6 billion) with investible assets exceeding 1 million in Germany.
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The acquisition is expected to increase Bethmann’s number of clients to 20,000 and raise its assets under management to 34 billion from 24 billion previously.
Jeroen Rijpkema, CEO of ABN AMRO Private Banking International, said: "It is part of our strategic focus to be a leading European private bank. The acquisition of these activities fits perfectly well with our strategy and client focus. It also broadens our service offering to clients and enhances our local network."
The deal, which is subject to regulatory approval, is expected to close in 2014.
The sale is part of Credit Suisse’s strategy to focusing exclusively on the ultra-rich clients.
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By GlobalData
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