J Safra Sarasin has completed the acquisition of Lombard Odier’s Private Banking Business in Gibraltar.
In a statement on Monday (15 July 2019), the Swiss private banking group controlled by the Joseph Safra family, announced it had completed the deal for an undisclosed amount.
Jacob Safra, chairman of J Safra Holdings International, said he was proud to have completed the deal, which will see Lombard Odier’s Gibraltar-based private banking clients and relationship managers move across to his company.
“We look forward to maintaining these valued and long-standing client relationships,” he 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. We also thank Lombard Odier for the cooperation and their constructive support.”
Safra said that the company considers Gibraltar to be an important financial centre where the group has already enjoyed a successful track record since 2001. In 2016, J Safra Sarasin boosted its client book further with the acquisition of Credit Suisse (Gibraltar).
Speaking in April, Lombard Odier managing partner, Frederic Rochat, said he believed the deal was “in the best interests” of the company’s clients, recognising J Safra Sarasin’s growing presence in Gibraltar.
J Safra Group – comprised of several private banking and wealth management operations – has total assets under management exceeding €214bn ($242bn) globally. The group has banking operations in more than 160 locations around the world.