Credit Suisse has sold its traditional asset management business based in the Czech Republic to Wood & Company, the Czech investment bank. The deal will lead to a transfer of assets under management worth SFr500 million ($461 million), the firms said in a joint statement.

Wood & Company said the deal forms part of its expansion in the area of asset management while Credit Suisse emphasised that Central Europe and the Czech Republic remain a core market.

"Our asset management activities in Central Europe will be continued in the future through this partnership, which will benefit our clients through enhanced cooperation partners,” said Michael Rüdiger, Credit Suisse’s chief executive for Central Europe.

While the terms of the transaction were not disclosed, the firms said that nine Credit Suisse staff will be transferred to Wood & Company as part of the deal – which is still subject to approval by the Czech National Bank and the Office for the Protection of Competition.

Last December, Aberdeen Asset Management acquired the lion’s share of Credit Suisse's traditional asset management business for £250 million. Aberdeen later confirmed the purchase of the Asia Pacific ex-Japan part of Credit Suisse's multi-manager unit at the beginning of May this year.