Switzerland-based J Safra Sarasin Group has completed the acquisition of the Gibraltar private banking business of Lombard Odier.
The financial terms of the deal were not disclosed.
With this acquisition, J Safra Sarasin expands its business in the British overseas territory, where it has been since 2001.
Lombard Odier’s client base and relationship managers in Gibraltar will move over to the Swiss private bank.
Vice chairman Jacob J Safra said: “This acquisition is another step forward in the growth strategy of the group as we continue to play a leading role in the consolidation of the Swiss and European private banking sector.”
This deal follows the firm’s 2016 acquisition of Credit Suisse’s operations in Gibraltar and Monaco.
Over the last year, Lombard Odier, which also offers wealth and asset management, has been busy reorganising, globally.
In April, it sold its US-based private client portfolio to Swiss financial services firm Vontobel for an undisclosed fee.
Prior to that, Lombard Odier announced in February 2019 that it will to open a branch of its private banking business in Abu Dhabi.
The move would make it the first Swiss private bank to open in the Abu Dhabi Global Market (ADGM) – the UAE capital’s global financial services centre.
Also, in April 2018, it extended its services into Indonesia after signing a strategic agreement with Bank Mandiri.