J. Safra Sarasin Group has concluded the takeover of the Gibraltar private banking operations of Lombard Odier.
The deal was announced in April this year. The companies did not reveal the value of the deal.
J. Safra Sarasin started operations in Gibraltar in 2001.
The firm believes that the addition of Lombard Odier’s clients and their relationship managers are an “excellent fit” to its business.
J. Safra Sarasin vice chairman Jacob Safra said, “We are proud to have completed another acquisition and are delighted to welcome the clients of Lombard Odier and their relationship managers in Gibraltar to our Group.
“We look forward to maintaining these valued and long-standing client relationships at J. Safra Sarasin.
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“This acquisition is another step forward in the growth strategy of the Group as we continue to play a leading role in the consolidation of the Swiss and European private banking sector.”
The latest transaction adds to J. Safra Sarasin’s recent consolidation activities.
In 2016, the firm acquired Credit Suisse’s private banking business in Gibraltar.
This was followed by the purchase of Credit Suisse’s Monaco private banking operations two months later.
At the end of last year, J. Safra Sarasin snapped up Bank Hapoalim’s Luxembourg and Swiss private banking operations.