Falcon Private Bank to acquire Clariden Leu (Europe) LTD. from Credit Suisse Group AG
- United Arab Emirates: Thursday, October 04 - 2012 at 15:05
- PRESS RELEASE
Swiss wealth management boutique Falcon Private Bank has agreed to acquire Clariden Leu (Europe) Ltd., a wholly owned subsidiary of Credit Suisse Group AG based in London, United Kingdom. Clariden Leu (Europe) Ltd. offers wealth and asset management services to private clients in the key markets Eastern Europe, Middle East and Africa and other emerging markets.
"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" says Eduardo Leemann, Chief Executive Officer of Falcon Private Bank.
"We foresee to keep the successful business model and existing custodial arrangements of Clariden Leu (Europe) Ltd., 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 (Europe) Ltd. will remain an independent asset manager, " Eduardo Leemann adds.
"The sale of Clariden Leu (Europe) Ltd. to the Swiss wealth management boutique Falcon Private Bank ensures the best possible continuity for its clients and employees. It marks one of the final steps of the successful integration of Clariden Leu into Credit Suisse. On behalf of Credit Suisse, I wish the entire team every success and all the best for the future" says 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.
"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" says Graham Stapeley, Chief Executive Officer of Clariden Leu (Europe) Ltd."
Clariden Leu (Europe) Ltd. (formerly Clariden Leu Asset Management UK) is a wholly owned subsidiary of Credit Suisse Group AG and has been operating as an independent legal entity. It is based in London, UK with assets under management (AuM) of over CHF 2bn (as of August 31, 2012) and 57 employees, including 22 relationship managers and 10 investment professionals.
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