Banque J. Safra Sarasin (Luxembourg) S.A. acquires Bank Leumi Luxembourg’s Private Banking Business.
J. Safra Sarasin acts as consolidator in the private banking market.
Banque J. Safra Sarasin today announced it has signed an agreement to acquire Bank Leumi Luxembourg’s private banking business. The agreement covers qualifying clients and their relationship management teams serving Ultra High Net Worth and High Net Worth clients.
Banque J. Safra Sarasin (Luxembourg) S.A. has been present in the Luxembourg market since 1985. This acquisition is a natural extension of J. Safra Sarasin’s private banking business.
Through this transaction, Bank Leumi Luxembourg’s clients and relationship managers will benefit from joining J. Safra Sarasin, with its long term commitment to servicing the wealth management needs of clients on a global basis.
|Jacob J. Safra, Vice Chairman of J. Safra Sarasin Group, commented:
“This acquisition underlines our position as a consolidator in the European private banking market. Our capital strength and family ownership provides great flexibility to do such transactions. Bank Leumi’s Luxembourg business sits ideally within our strategic focus, providing tailor made solutions to clients.”
|Jorge Kininsberg, CEO of Banque J. Safra Sarasin (Luxembourg) S.A. said:
”We look forward to welcoming Bank Leumi Luxembourg’s clients and employees to our organization. Together we will build on the strengths of Banque J Safra Sarasin’s market presence in Luxembourg since 1985.”
The acquisition is expected to be completed during the course of the first quarter of 2016, subject to regulatory clearance. Financial terms are not disclosed.