J. Safra Sarasin Group has acquired the remaining minority stake in Bank Zweiplus from Luxembourg’s Aabar Trading, taking full ownership the Zurich-based private bank.

Financial terms of the deal were not disclosed.

bank zweiplus provides trading and custody services, specifically tailored to direct clients and clients of independent asset managers and insurance companies.

The bank’s partnership with business and finance portal cash.ch enables its clients to directly access market information and trade securities in all major stock exchanges globally.

As agreed, bank zweiplus will operate independently. It will continue to be a FINMA licensed banking entity.

Bank J. Safra Sarasin CEO Daniel Belfer said: “The acquisition of the remaining stake in bank zweiplus is a natural development and will allow clients and employees of bank zweiplus to benefit from our commitment to further invest and grow the Bank’s offering and capabilities.

“We are looking forward to continue building and enhancing future digital platforms for clients and financial intermediaries.”

Other J. Safra Sarasin moves

In May last year, J. Safra Sarasin bought BMO’s private banking business in Hong Kong and Singapore to further drive its international growth strategy and bolster its Asia presence.

In 2019, the group concluded the acquisition of Gibraltar private banking operations of Lombard Odier.

In 2018, J. Safra Sarasin snapped up Bank Hapoalim’s Luxembourg and Swiss private banking operations.

In 2016, the firm purchased Credit Suisse’s private banking business in Gibraltar.

This was followed by the acquisition of Credit Suisse’s Monaco private banking operations two months later.