Switzerland's Credit Suisse group has confirmed press reports that it is buying the Tokyo equity team of the British financial group, Schroders, for an undisclosed amount.

Switzerland's Credit Suisse group has confirmed press reports that it is buying the Tokyo equity team of the British financial group, Schroders, for an undisclosed amount.

The transaction is expected to be completed in March with the key employees of Schroders agreeing to join Credit Suisse First Boston. Schroders employs over 100 people, mainly in Tokyo.

"The existing Schroders Japanese business is an excellent platform to build upon to reach our ultimate goal of being one of the top players in this key market" said Allen Wheat, Chief Executive Officer of CSFB.

"This market will represent a significant strategic piece of our equities business and should integrate smoothly and effectively into our global platform" added Wheat.

Lukas Mühlemann, Chief Executive of Credit Suisse Group said: "We are very pleased to be moving forward positively in Japan, expanding our activities and making good on our commitment to build a stronger business focused on good customer and regulatory relationships."

By Tom O'Brien.

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