Swiss banker Credit Suisse Group AG has reached agreement on the sale of British wealth manager JO Hambro Investment Mangement Ltd. to investment company Bermuda National for 50 million pounds.

The Bermudian investment firm is expected to acquire 63% of London-based Hambro once the sale is completed, with the wealth management unit's manager owing the remaining share.

Credit Suisse bought Hambro for about 90 million pounds in 2001 to expand services it is offering to its wealthy clients in the UK. Also, it just completed its deal to acquire the wealth management operation of Morgan Stanley in the UK, Dubai and Italy.

Bermuda National holds a share in licensed lender Bermuda Commercial Bank. It say that it is planning to use its cash and debt funding to fund the acquisition.