Swiss wealth management boutique, Falcon Private Bank, has agreed to acquire Clariden Leu (Europe), a wholly owned subsidiary of Credit Suisse Group AG based in London, UK.

Falcon is owned by Abu Dhabi's fund Aabar Investments. Clariden Leu (Europe) had assets under management of over 2 billion Swiss Francs ($2.13 billion) as of August 31, 2012, a Reuters report said.

Clariden Leu offers wealth and asset management services to private clients in the key markets Eastern Europe, Middle East and Africa and other emerging markets.

Subject to legal and regulatory approvals, the closing is expected in the first quarter of 2013, a statement from Falcon 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. We look forward to broadening our global footprint with London as one of the world’s major financial centers and expanding our horizons together with our new colleagues,” said Eduardo Leemann, the chief executive of Falcon Private Bank.

“We foresee to keep the successful business model and existing custodial arrangements of Clariden Leu, which has positioned itself as a leading wealth manager for high and ultra high net worth clients in its target markets. Apart from changing to a new owner and a new name, Clariden Leu will remain an independent asset manager,” he said.

“The sale of Clariden Leu to the Swiss wealth management boutique Falcon Private Bank ensures the best possible continuity for its clients and employees,” said Erich Pfister, chairman of the board of directors of Clariden Leu (Europe) and head market area UK/International for private banking Western Europe, Credit Suisse. “It marks one of the final steps of the successful integration of Clariden Leu into Credit Suisse.”

“Falcon Private Bank is a perfect fit for us and this transaction provides us with the opportunity to continue building our business and ensure continuity for our existing clientele supported by a strong and dynamic group who understands emerging markets,” said Graham Stapeley, chief executive officer of Clariden Leu (Europe).”

The purchase price for the transaction will not be disclosed.

UBS acted as financial adviser on this transaction to Falcon Private Bank. – TradeArabia News Service