Swiss Life's Banca del Gottardo said it has agreed to sell its Banque du Gothard (Monaco) unit to Banque Jacob Safra (Suisse).

It said the deal was an all cash operation, but further financial details were not disclosed.

'The sale ... represents an important step in the process of focusing our private banking activities and has no impact on our financial targets, announced on Oct 6,' Banca del Gottardo said in a statement.

The addition of Banque du Gothard (Monaco)'s 3.5 bln sfr of client assets under management will increase Banque Jacob Safra's client assets under management to 15 bln sfr.

Read more about the sell of Swiss Life's Banca del Gottardo at http://www.forbes.com/finance/feeds/afx/2005/11/15/afx2338479.html.