CORRECTED-UPDATE 1-J. Safra Sarasin buys Morgan Stanley's Swiss private bank

miércoles 30 de abril de 2014 13:32 GYT
 

(Corrects description of J. Safra Sarasin in first paragraph to Swiss private bank, from Brazilian-Swiss)

* Price for Morgan Stanley Swiss unit not disclosed

* J. Safra Sarasin acquiring 10 bln Sfr in assets - source

* Swiss Morgan Stanley unit has opted for U.S. tax programme

* Deal to close by end June 2015

ZURICH, April 30 (Reuters) - Swiss private bank J. Safra Sarasin has agreed to buy Morgan Stanley's Swiss private banking unit, beefing up its business with the wealthy in the Middle East and Latin America.

The deal underscores the importance of size among private banks in Switzerland as a crackdown on tax evasion hits the industry, which provides tailored banking to wealthy individuals.

J. Safra Sarasin, formed in 2011 when Safra bought Basel-based Sarasin for 1.04 billion Swiss francs ($1.18 billion), said on Wednesday it would pay cash according to how many of Morgan Stanley's assets it could take on, but didn't disclose specifics on the price agreed.

The bank is buying roughly 10 billion francs in assets under management, with 130 client advisers in Zurich and Geneva, a source familiar with the Morgan Stanley unit told Reuters.   Continuación...