Swiss private banking firm J. Safra Sarasin is set to acquire Credit Suisse’s operations in Gibraltar and Monaco, the company has announced. In a statement released on Tuesday, J. Safra Sarasin, which has been operating in Gibraltar and Monaco since 2001 and 2006 respectively, confirmed that it has signed an agreement to purchase private banking subsidiaries Credit Suisse (Gibraltar) and Credit Suisse (Monaco). Credit Suisse (Gibraltar), which has been operating in the country since 1987, is considered one of the leading banks in the British overseas territory. Meanwhile, when completed, the acquisition means that Credit Suisse (Monaco), which has had a presence in the tiny principality for more than 40 years, will rank among the largest banks in Monaco. Jacob J. Safra, vice-chairman of the board of directors at J. Safra Sarasin, said: "The acquisition of Credit Suisse in Monaco and Gibraltar, with their skillful and experienced professionals, high quality assets and strong local presence, will allow J. Safra Sarasin to extend its reach in these attractive private banking jurisdictions. “Credit Suisse Monaco and Gibraltar are an excellent strategic fit to our existing business in these markets."
Credit Suisse has said in a statement that it has reached a deal to sell its operations in Gibraltar and Portugal to the ##S Sarafin . Credit Plus is in the process of cutting costs and a large - scale restructuring , under the director of new CEO Tidjane Thiam .