Swiss private banking firm J. Safra Sarasin has agreed to purchase Credit Suisse’s private banking operations in Gibraltar and Monaco.

Subject to regulatory approval, the deal is scheduled to complete during 2016. Financial terms of the transaction have not been revealed.

J. Safra Sarasin has been operating in Gibraltar and Monaco since 2001 and 2006 respectively.

Credit Suisse (Monaco) has had a presence in the kingdom for more than 40 years, while Credit Suisse (Gibraltar) has been operating in the country since 1987.

J. Safra Sarasin vice-chairman of the board of directors Jacob Safra said: "The acquisition of Credit Suisse in Monaco and Gibraltar, with their skilful and experienced professionals, high quality assets and strong local presence, will allow J. Safra Sarasin to extend its reach in these attractive private banking jurisdictions.

"Credit Suisse Monaco and Gibraltar are an excellent strategic fit to our existing business in these markets."