Transfer of UK, Spain and Israel businesses started
Integration of Merrill Lynch's International Wealth Management business into
Julius Baer moving ahead swiftly
Zurich, 2 July 2013 --- Julius Baer announces that the transfer of the UK,
Spain and Israel businesses of Merrill Lynch's International Wealth Management
(IWM) started yesterday. This step represents another major milestone in the
two-year integration process and will make Julius Baer one of the largest
private banks in London. The UK is now the last of the big businesses to
transfer. The integration of the new businesses is moving ahead swiftly and in
line with the original plans.
Through the transfer of Merrill Lynch's International Wealth Management
business in the UK to Julius Baer, the Bank is moving from a niche player to
one of the largest private banks in London City. In Spain, Julius Baer will
gain a new foothold with a significant franchise in the local wealth
management market, and in Israel the Bank will strengthen its presence in the
local wealth management market.
Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group Ltd., said:
"Representing more than a quarter of IWM's entire business in scope, the
integration of the UK business is crucial to the transaction. The UK will be
one of the biggest markets by client base outside Switzerland, thus being a
key market for Julius Baer overall. In addition Spain and Israel will further
enhance our footprint in the global private banking landscape."
IWM's financial advisers have transferred in all locations on 1 July 2013.
Client relationships and related assets under management of the respective
businesses will transfer to the Julius Baer platforms in stages and in line
with appropriate regulations in the various jurisdictions. The process for
these markets is expected to be completed by mid-2014.
All major locations have now reached transition phase
So far the businesses located in Switzerland, Uruguay, Chile, Luxembourg,
Monaco, Hong Kong, Singapore, UK, Spain and Israel have started the transfer
process and are moving ahead as planned. The next businesses to transfer,
expected to occur in September and October, are in Bahrain, Lebanon and the
UAE. The preparations for these transfers are well under way.
IWM is an excellent strategic fit for Julius Baer, strengthening the Group'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 large majority
of the assets under management targeted to be transferred in 2013.
Media Relations, Zurich, Tel. +41 58 888 8888
Investor Relations, Tel. +41 58 888 5256
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.