Falcon Private Bank extends emerging markets footprint with Clariden Leu purchase

Falcon Private Bank has agreed to acquire wealth and asset manager Clariden Leu (Europe) Ltd. from Credit Suisse Group, extending its client base in emerging markets.

Falcon Private Bank already has strong links to emerging markets as it is owned by Aabar Investments PJS, a global investment company which is ultimately majority-owned by the Government of Abu Dhabi.

The deal for the London-based Clariden Leu group, which is expected to close by March next year, will extend Falcon’s client base in Eastern Europe, Middle East and Africa, where CHF 2bn manager Clariden Leu offers wealth and asset management services.

The deal for an undisclosed sum follows the increasingly well-trodden path taken by Swiss private bankers of increasing clientele in emerging markets.

EFG International, Reyl & Cie, and UBP are among many Swiss banks busily growing their client base outside developed economies.

Eduardo Leemann (pictured), chief executive officer of Falcon Private Bank, said: “This acquisition brings us one decisive step forward in our strategic ambition to become a leading Swiss private banking boutique focusing on emerging markets.”

He said the business model and existing custodial arrangements of Clariden Leu would be maintained.

Erich Pfister, chairman of the board of directors of Clariden Leu (Europe) Ltd. and head market area UK/international for private banking Western Europe, Credit Suisse, said the sale “ensures the best possible continuity for [Clariden’s] clients and employees”.

 

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