J. Safra Sarasin Group has agreed to purchase Lombard Odier’s private banking operations in Gibraltar.
The transaction is subject to regulatory nod.
Under the agreement, the clients and relationship managers of the Lombard Odier business will move to J. Safra Sarasin.
The acquisition is expected to close in the middle of this year.
The price paid for the deal was not revealed.
J. Safra Sarasin vice chairman Jacob Safra: “Having successfully integrated the operations of Credit Suisse (Gibraltar) Ltd, we look forward to welcoming to our Group the clients of Lombard Odier and their relationship managers in Gibraltar, who will benefit from our scalable platform and commitment to this important financial centre.”
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Jacob Safra called the Lombard Odier deal an “excellent fit”.
Lombard Odier managing partner Frédéric Rochat too welcomed the deal, stating that it will be in the best interest of its clients.
Recent acquisitions by J. Safra Sarasin
J. Safra Sarasin has been operating in Gibraltar since 2001.
In November 2016, the firm bought Credit Suisse’s private banking business in Gibraltar.