Another acquisition by J. Safra Sarasin Group: J. Safra Sarasin Group strengthens Gibraltar operations with the acquisition of Lombard Odier’s Private Banking Business in Gibraltar
J. Safra Sarasin Group announced today the signing of an agreement to acquire Lombard Odier’s private banking business in Gibraltar.
This acquisition includes the transfer of clients and their experienced relationship managers. The well-diversified and attractive client base is an excellent fit with J. Safra Sarasin’s private banking business and its comprehensive offering of investment services and trading capabilities.
This acquisition is another step forward in the growth strategy of the Group’s private banking business and will further enhance its already strong footprint in Gibraltar, where it has a long and successful track record since 2001. Following the acquisition of Credit Suisse (Gibraltar) Ltd in 2016, this transaction confirms the Group’s leadership position in Gibraltar.
Jacob J. Safra, Chairman of J. Safra Holdings International and Vice Chairman of J. Safra Sarasin Group, commented:
“Bank Lombard Odier’s business in Gibraltar is an excellent fit with our existing operations. Having successfully integrated the operations of Credit Suisse (Gibraltar) Ltd, we look forward to welcoming to our Group the clients of Lombard Odier and their relationship managers in Gibraltar, who will benefit from our scalable platform and commitment to this important financial centre.”
Frédéric Rochat, Managing Partner of Lombard Odier, said:
“We are convinced this decision is in the best interest of our clients, who will have the opportunity to join an established, sizeable and growing private banking franchise for whom Gibraltar is a strategic market.”
The completion of the acquisition is expected in mid-2019, subject to regulatory approval. Financial terms are not disclosed.