EFG International said the move is part of its business review program to reset businesses and locations.
Financial terms of the transaction are not disclosed.
EFG International is a global private banking group offering asset management services and its group of private banking businesses currently operates in 30 countries, with circa 2,500 employees.
The company has a number of other private banking subsidiaries including EFG Private Bank in the UK and EFG Capital in the US.
SEB Wealth Management activities include management of mutual funds, individual investment portfolios, Level 2 Pension assets.
