Swiss private banking firm J. Safra Sarasin has closed the acquisition of Credit Suisse’s private banking operations in Gibraltar.
The deal will bolster J. Safra Sarasin presence in Gibraltar, where it has been operating since 2001.
Under the deal, Credit Suisse (Gibraltar) will be renamed as Bank JSS (Gibraltar), and will continue to offer wealth management solutions to both private and institutional customers.
Bank JSS (Gibraltar) board of directors new member Oliver Cartade said: "We very much look forward to welcoming the new clients and colleagues to J. Safra Sarasin. This acquisition will enable us to further expand our footprint in Gibraltar."
On 22 March 2016, J. Safra Sarasin agreed to buy Credit Suisse's private banking operations in Gibraltar and Monaco.
Incorporated in 1856, Credit Suisse operates in more than 50 countries and has 48,200 employees from over 150 different nations. Credit Suisse has been operating in Gibraltar since 1987.