April 30, 2014 / 7:01 AM / in 4 years

J. Safra Sarasin buys Morgan Stanley's Swiss private bank

ZURICH, April 30 (Reuters) - Bank J. Safra Sarasin said on Wednesday it had agreed to buy Morgan Stanley’s Swiss private banking business, beefing up its business focused on Europe, the Middle East, Africa (EMEA) and Latin America.

J. Safra Sarasin did not disclose financial terms of the deal, which is expected to close in the first half of 2015.

Morgan Stanley’s business has offices in Zurich and Geneva and is focused on ultra high net worth (UHNW) clients in EMEA and Latin America. Its Asian wealth management business is not included in the transaction.

Reporting by Caroline Copley

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