Julius Baer announces Principal Closing of its acquisition of Merrill Lynch's
International Wealth Management business
Zurich, 1 February 2013 --- As planned, the Principal Closing of Julius Baer's
acquisition of Merrill Lynch's International Wealth Management business
outside the United States (IWM) from Bank of America, which was announced in
August 2012, took place today. At the same time and as a first step of the
integration, Julius Baer acquired the Geneva-based Merrill Lynch Bank (Suisse)
S.A. with around CHF 11 billion assets under management.
The Principal Closing marks the start of the approx. two-year business
transfer and integration phase. During this period IWM entities, financial
advisors, their client relationships and related assets under management will
be transferred to Julius Baer in a staggered process in the respective more
than 20 locations, subject to the fulfilment of local preconditions.
The first step in the acquisition and business transfer process is the
acquisition of Merrill Lynch Bank (Suisse) S.A. and its branches in Zurich and
Dubai by Julius Baer Group Ltd. at the Principal Closing on 1 February 2013.
It encompasses the entire Swiss bank with a strong international client base
and assets under management of around CHF 11 billion. Merrill Lynch Bank
(Suisse) S.A. is expected to be merged into Bank Julius Baer & Co. Ltd. in
"The Principal Closing marks the beginning of a new era for our Group:
together with our new colleagues we endeavour to build the new reference in
private banking, setting new standards in our industry for the benefit of our
sophisticated clientele. The IWM business is an excellent strategic fit,
strengthening Julius Baer's presence in key growth markets and significantly
enlarging our asset base," comments Boris F.J. Collardi, CEO of Julius Baer.
Headquartered in Zurich, Julius Baer has offices in more than 20 countries
worldwide: Switzerland Ascona, Basle, Berne, Crans-Montana, Geneva,
Kreuzlingen, Lausanne, Lucerne, Lugano, Sion, St. Gallen, St. Moritz, Verbier,
Zug, Zurich Europe Duesseldorf, Frankfurt, Guernsey, Hamburg, Istanbul, Kiel,
London, Milan, Monaco, Moscow, Munich, Paris, Stuttgart, Vienna, Würzburg
Americas Lima, Montevideo, Nassau, Santiago de Chile Asia-Pacific Hong Kong,
Jakarta, Shanghai, Singapore Middle East and Africa Abu Dhabi, Cairo, Dubai,
Tel Aviv Additional offices expected in Amsterdam, Bahrain, Beirut, Dublin,
India, Luxembourg, Madrid and Panama.
Further information on the status and future development of the acquisition,
asset transfer and integration process will be provided at the presentation of
Julius Baer's full-year results 2012 on 4 February 2013 at 9.30 a.m. (CET).
Media Relations, Tel. +41 (0)58 888 8888
Investor Relations, Tel. +41 (0)58 888 5256
About Julius Baer
Julius Baer is the leading Swiss private banking group with focus on servicing
and advising sophisticated private clients and a premium brand in global
wealth management. Bank Julius Baer & Co. Ltd., the renowned Swiss private
bank with origins dating back to 1890, is the principal operating company of
Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange
(ticker symbol: BAER) and form part of the Swiss Market Index (SMI) of the 20
largest and most liquid Swiss stocks.
Julius Baer is currently integrating Merrill Lynch's International Wealth
Management business outside the US. This will increase the Group's presence to
more than 25 countries and 50 locations. Headquartered in Zurich, we have
offices from Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, Monaco,
Montevideo, Moscow, Shanghai to Singapore.
For more information visit our website at www.juliusbaer.com
Provider Channel Contact
Tensid Ltd., Switzerland newsbox.ch Provider/Channel related enquiries
www.tensid.ch www.newsbox.ch email@example.com
+41 41 763 00 50
Press spacebar to pause and continue. Press esc to stop.