Swiss private bank Banque J. Safra Sarasin has agreed to acquire the private banking unit of Bank Leumi Luxembourg.
The deal covers qualifying clients and their relationship management teams serving ultra high net worth and high net worth customers, Banque J. Safra Sarasin said.
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Financial terms of the transaction have not been disclosed.
J. Safra Sarasin Group vice chairman Jacob Safra said: "This acquisition underlines our position as a consolidator in the European private banking market. Our capital strength and family ownership provides great flexibility to do such transactions."
Banque J. Safra Sarasin (Luxembourg) CEO Jorge Kininsberg said: "We look forward to welcoming Bank Leumi Luxembourg’s clients and employees to our organization. Together we will build on the strengths of Banque J Safra Sarasin’s market presence in Luxembourg since 1985."
Subject to regulatory approvals, the acquisition is scheduled to close in the first quarter of 2016.
