Swiss private banking firm J. Safra Sarasin Group has concluded the acquisition of Credit Suisse’s private banking operations in Monaco for an undisclosed sum.

The deal is exprected to bolster Sarasin’s presence in Monaco, where it has been operating since 2006.

Sarasin agreed to acquire Credit Suisse’s private banking businesses in Gibraltar and Monaco in March 2016.

In November 2016, Sarasin completed the acquisition of Credit Suisse (Gibraltar). Sarasin has been operating in the region since 2001.

J. Safra Sarasin Holding vice-chairman Jacob Safra said: “We are determined to continue playing a leading role in the consolidation of the private banking market.

“We are proud to have completed another transaction and to welcome the clients and colleagues of Credit Suisse (Monaco) S.A.M. to the J. Safra Sarasin Group.”