Falcon Private Bank, a Swiss-based wealth manager owned by Abu Dhabi fund Aabar Investments, has agreed to acquire Clariden Leu (Europe), a fully-owned subsidiary of Credit Suisse, a statement from Falcon said on Thursday.
No financial details of the transaction were provided. The acquisition is expected to close in the first-quarter of 2013, the Falcon statement said.
London-based Clariden Leu (Europe) had assets under management of over 2 billion Swiss Francs ($2.13 billion) as of August 31, 2012.
UBS acted as financial adviser to Falcon Private Bank.
Last Updated: Thu Oct 04, 2012 12:41 pm (KSA) 09:41 am (GMT)
Abu Dhabi-owned Falcon to buy C.Suisse arm Clariden Leu (Europe)
Thursday, 04 October 2012
Credit Suisse legally merged with Clariden Leu on April 2, 2012, acquiring all of Clariden Leu's assets and liabilities and assuming all of its rights and obligations. (Reuters)
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