(Reuters) - British asset and wealth manager Schroders (SDR.L) said on Monday it would transfer its Eastern European private banking activities to Swiss private bank CBH Compagnie Bancaire Helvetique SA (CBH) for an undisclosed sum.
CBH would take over Schroders' Eastern European private banking business and its relationship management team, the British firm said in a statement bit.ly/2NV8PZd.
“This follows a comprehensive review of Schroders’ range of services provided to clients from Eastern European countries; it concluded that clients in this region would be better served by a bank that specialises in this geographic area,” Schroders said.
The business moving to CBH consists of assets under management of around 700 million Swiss francs ($705.36 million), it added.
The deal between Schroders’ Swiss wealth management arm and Geneva-based CBH is expected to close in the fourth quarter of 2018.
($1 = 0.9924 Swiss francs)
Reporting by Noor Zainab Hussain in Bengaluru; editing by Carolyn Cohn