Credit Suisse has agreed to divest its domestic private banking business booked in Germany to ABN AMRO, after assessment of its private banking client service model in Western Europe.
The sale also includes the external asset managers booked in Germany. The Asset Management, Real Estate Asset Management and Investment Banking businesses based in Frankfurt, are not part of the transaction.
Following completion of the divestment of domestic private banking business booked in Germany, the Swiss bank will concentrate on UHNWI and premium HNWI and service these clients from global booking platforms outside of Germany.
The integration of Credit Suisse’s domestic private banking business and ABN AMRO’s Bethmann Bank will create the third largest provider of private banking services in Germany.
Credit Suisse Western Europe private banking head Romeo Lacher said, "ABN AMRO is a buyer who is a strategic match and natural home for Credit Suisse’s domestic private banking clients booked in Germany.
"We share the same strong foundation in traditional private banking values and our domestic clients in Germany will benefit from ABN AMRO’s competence, commitment and expertise combined with an innovative and entrepreneurial spirit."
Subject to customary closing conditions, the transaction is expected to conclude during 2014.