Julius Bär doubles presence in Geneva
Swiss private bank Julius Bär is to buy the Swiss private banking assets of Dutch financial services group ING for SFr520 million ($507 million).
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.
swissinfo.ch and agencies
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