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.