The acquisition is part of Andbank’s international growth strategy – which it embarked upon in 2000 – and remains subject to approval from banking authorities. Once the transaction closes, Andbank will have some $17 billion in AuM, it said.

The move will involve Andbank’s Miami wealth management branch integrating with Swiss Asset Advisors’ founder, Michael Blank, and the rest of the SAA team.

Blank has over 23 years of experience as an international private banker and established Julius Baer in Palm Beach and Credit Suisse Private Advisors in Miami, before launching his own advisory firm in 2008 with Giuseppe Mazzeo.

Javier Rodríguez Amblés, Andbank’s managing director for wealth management in Miami, said the acquisition has given his firm the opportunity to boost its presence from five to 11 countries, double its number of employees and boost asset volumes.

Andbank has a presence in Andorra, Spain, Luxembourg, Switzerland, Monaco, The Bahamas, Miami, Mexico, Panama, Brazil and Uruguay.