Swiss private bank Julius Bär is to buy the Swiss private banking assets of Dutch financial services group ING for SFr520 million ($507 million).
This content was published on
1 minute
As part of its global restructuring, ING is selling its Asian and Swiss private banking units in what will be the biggest deal in the wealth management industry since the credit crisis began.
Julius Bär, bulking up in its home market, is paying cash for the assets, and expects the deal to generate SFr35 million in cost savings and add to earnings from 2011.
Ranked after UBS and Credit Suisse as the third biggest wealth manager in Switzerland, Julius Bär is also seeking to build Asia as a second major market.
With the deal, expected to be closed early in 2010, Julius Bär said it will have SFr160 billion under management.
ING, which is selling off its private banking business outside its home Benelux market, said the deal would deliver €150 million profit and free up €250 million of capital.
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Banks look east to recover wealth
This content was published on
The flow of offshore assets, especially from the United States, is dwindling away, but Swiss banks are well positioned to take advantage of the fastest growing wealth market in the world. The Swiss private banking industry had already begun to shift its focus to onshore activities in prosperous regions before it had felt the full…
This content was published on
On Friday, the Organisation for Economic Co-operation and Development (OECD) said Switzerland had been officially removed from the so-called grey list of tax havens. The announcement came after Bern signed its 12th revised double taxation accord, with Qatar, on Thursday. “We have received a respite but we are not out of the firing line,” Merz…
This content was published on
The system would improve on the current withholding tax agreement which Switzerland has with the European Union. The SBA believes the plan, although “complicated and costly”, is the best way of preserving banking secrecy. Switzerland has come under fire from several countries in recent months, complaining that secrecy and the failure to accept tax evasion…
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.