Swiss wealth management firm Falcon Private Bank has agreed to acquire Credit Suisse’s wholly owned subsidiary Clariden Leu (Europe) that is based in London.
Financial details of the transaction have not been disclosed, although, it is expected that the deal will complete during the first quarter of 2013, after receiving legal and regulatory approvals.
Falcon chief executive officer Eduardo Leemann said the acquisition will help the company to concentrate on emerging markets and broaden its global presence in the country.
"Apart from changing to a new owner and a new name, Clariden Leu (Europe) Ltd. will remain an independent asset manager" Leemann added.
Clariden Leu (Europe) caters wealth and asset management services to high and ultra high net worth clients in Eastern Europe, Middle East and Africa as well as other emerging markets.
Owned by Aabar Investments PJS, the acquirer bank specializes in asset management for high net worth private clients and families and was advised by UBS on the deal.