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Falcon Private Bank to acquire Clariden Leu (Europe) from Credit Suisse

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

Clariden Leu (Europe) 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.
 
"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 centres and expanding our horizons together with our new colleagues," says Eduardo Leemann (pictured), chief executive officer of Falcon Private Bank.
 
"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.
 
Clariden Leu (Europe) (formerly Clariden Leu Asset Management UK) is a wholly owned subsidiary of Credit Suisse Group and has been operating as an independent legal entity. It is based in London with assets under management of over CHF2bn as of 31 August 2012 and 57 employees, including 22 relationship managers and 10 investment professionals.
 
The purchase price for the transaction will not be disclosed.
 
UBS acted as financial adviser on this transaction to Falcon Private Bank.

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