Credit Suisse-owned Clariden Leu is to acquire the Asian private banking business of South Africa's Standard Bank in a deal that is expected to complete by the second half of this year. The South African bank's operation will be integrated into Clariden Leu's Asian private banking, the Swiss bank said in a statement. Clariden said the the acquisition would add critical mass to its Singapore hub and strengthen its presence in Hong Kong. Financial terms of the transaction were not disclosed. Standard Bank, Africa's biggest bank by assets, holds private banking assets of around $750 million in Asia, whereas at the end of September 2006, Clariden Leu managed approximately $5.6 billion in client assets in Asia. Standard Bank will transfer eight private banking employees to Clariden Leu’s Hong Kong office.