Credit Suisse said on Thursday it had completed its acquisition of the British investment bank, J O Hambro, strengthening its presence in the UK market. Credit Suisse announced the proposed deal last month but gave no information about the terms.
Hambro will retain its name and operate as an autonomous unit under the umbrella of Credit Suisse Private Banking. Credit Suisse said the acquisition would improve its private banking position in Britain. J O Hambro specialises in providing personal investment services to wealthy clients. Customers include private individuals, families and charities, typically with portfolios over SFr 2.5m
Hambro's client assets of SFr 3.8bn ($2.11bn) will form part of Credit Suisse's total asset base of of about SFr1.5 trillion making it the third biggest asset manager behind UBS and Fidelity.
This latest acquisition comes two months after the Swiss bank won approval to take over the US investment bank, Donaldson, Lufkin and Jenrette.
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