J. Safra Sarasin bought Credit Suisse unit in Gibraltar

The private bank group J. Safra Sarasin Group announced that it has acquired Credit Suisse Gibraltar Limited. The transaction strengthens the institution's presence on the Rock where the Group operates since 2001 and is determined to expand its position.

The bank will operate under the new name of Bank JSS (Gibraltar) Ltd. and will continue to provide wealth management solutions to customers both private and institutional.

Oliver Cartafe, new member of the board of the newly formed banking group, said: "We look forward to welcoming new clients and colleagues by J. Safra Sarasin. This acquisition will allow us to expand even more in the financial center of Gibraltar. "

Safra Sarasin is expanding through deals after integrating Morgan Stanley’s Swiss private-banking business, which it bought last year. The company is part of a network of banks also spanning the U.S. and Brazil controlled by Joseph Safra, Brazil’s second-richest individual, who is worth about $13.1 billion, according to the Bloomberg Billionaires Index.