February 5, 2015 / 10:05 AM / 3 years ago

Banque Heritage says to buy client assets from StanChart Swiss unit

ZURICH, Feb 5 (Reuters) - Banque Heritage said on Thursday it will buy client assets from British bank Standard Chartered for an undisclosed price, in a bid by the Swiss private bank to expand in emerging markets, Europe and the Middle East.

“The purchase is part of Heritage’s expansion plan, purchasing select private banking assets from other financial institutions in order to bolster its position in key markets,” Geneva-based Heritage said in a brief statement.

The move follows confirmation earlier this month from Standard Chartered, which is Asia-focused, that it will close the Swiss private bank after failing to attract a buyer for it.

Reporting By Katharina Bart

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