Julius Baer’s International Wealth Management Transaction on Track – Further
ZURICH -- April 02, 2013
According to schedule, Julius Baer transferred further legal entities in four
locations in relation to its acquisition of Merrill Lynch’s International
Wealth Management (IWM) business on 1 April 2013. The entities involved are in
Uruguay, Chile, Monaco and Luxembourg. This represents another major milestone
in the integration process which was launched with the Principal Closing of
the transaction and the related acquisition of Merrill Lynch Bank (Suisse)
S.A. on 1 February 2013.
The transfers will add substantially to Julius Baer’s existing businesses in
Uruguay, Chile and Monaco. In the case of Luxembourg, Julius Baer gains a new
foothold with a strong presence.
Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group Ltd., said:
“With the addition of Uruguay, where we are now one of the biggest players,
and Chile we have expanded our business massively in the fast growing market
of Latin America. In Monaco we strongly increase our presence, adding further
momentum to our local business development. Moreover, we enter the market in
the important financial centre Luxembourg with a substantial client base,
which also opens up new business opportunities.”
The financial advisors and client relationships of the concerned entities have
been transferred on 1 April 2013, whereas the client assets will be
transferred in a staggered manner from Merrill Lynch to the Julius Baer
platforms, in line with applicable regulations in the respective markets.
The rebranding of the entities will be completed as soon as possible after
receipt of the relevant approvals of name changes from the appropriate
“The transaction is well on track. This latest step marks another major
milestone in the implementation of the integration process. I am very pleased
with the good progress made in the last couple of months and am confident that
the upcoming transfers will take place as planned,” Boris Collardi commented.
Other major businesses adding substantial scale to follow shortly
The other major businesses to transfer, expected to occur during the remainder
of the year, are in Hong Kong, Singapore and the UK. All of them will add
substantial scale to Julius Baer’s global network, taking the respective local
businesses into the leading group of international private banks in these
The International Wealth Management business of Merrill Lynch outside the US
is an excellent strategic fit for Julius Baer, strengthening the Bank’s
presence in key growth markets around the globe and significantly enlarging
its asset base. The integration phase which was launched in February 2013 is
expected to be completed in the first quarter of 2015, with the bulk of the
large entities and businesses transferring in 2013.
About Julius Baer
Julius Baer is the leading Swiss private banking group, focused on servicing
and advising private clients. Julius Baer’s total client assets amounted to
more than CHF 280 billion as at 1 February 2013, with assets under management
accounting for over CHF 200 billion. 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
Julius Baer Group Ltd.
Media Relations, +41 58 888 8888
Investor Relations, +41 58 888 5256
Press spacebar to pause and continue. Press esc to stop.