Swiss investment bank Credit Suisse Group AG is selling its business serving wealthy customers in Germany to Frankfurt-based Bethmann Bank, sources said on Wednesday.
Reuters, citing a report by German news daily Allgemeine Zeitung, said that Bethmann was set to win the bidding for the private customers business. The German bank was beating out Munich-based rival Merck Finck & Co.
Bethmann would reportedly take over 9,000 private clients with EUR10 billion (USD13.6 billion) in assets from Credit Suisse in Germany, the report said.
According to Reuters, the move would raise Bethmann's number of clients to 20,000 and increase its assets under management to EUR34 billion from EUR24 billion previously.
A source close to Credit Suisse had told Reuters in June that the Swiss bank was mulling a sale of its business unit. The decision to exit the asset is part of its effort to improve profit by focusing on the mega-rich rather than a larger mass affluent client base.
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