Dutch bank ABN Amro on Thursday announced its purchase of Credit Suisse's domestic private banking business in Germany, without disclosing the price.
The acquisition would add more than 10 billion euros (13.6 billion U.S. dollars) in client assets to Bethmann Bank, ABN AMRO's private bank in Germany.
ABN Amro said the deal further strengthened its private banking activities in Europe.
"It is part of our strategic focus to be a leading European private bank," said Jeroen Rijpkema, CEO of ABN Amro Private Banking International, in a press release.
"The acquisition of these activities fits perfectly with our strategy and client focus. It also broadens our service offering to clients and enhances our local network," he said.
The transaction is subject to approval by merger regulatory authorities. The transaction is expected to be completed in 2014.