April 1, 2019 / 3:29 PM / 7 months ago

J. Safra Sarasin to buy Lombard Odier Gibraltar business

ZURICH, April 1 (Reuters) - J. Safra Sarasin Group has agreed to buy Lombard Odier’s private banking business in Gibraltar, the Swiss wealth manager said on Monday without giving any financial terms.

The deal includes transferring clients and their relationship managers to J. Safra Sarasin, which has operated in Gibraltar since 2001, it said in a statement. It expanded in 2016 via the acquisition of Credit Suisse operations there.

It said it was committed to Gibraltar as a financial centre, while Lombard Odier said the sale was in the best interest of clients now able to join a franchise for whom Gibraltar was a strategic market.

The deal was set to close by mid-year pending regulatory approval.

Reporting by Michael Shields; editing by David Evans

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