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Name | Symbol | Market | Type |
---|---|---|---|
Julius Baer Group Ltd (PK) | USOTC:JBAXY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.57 | 11.57 | 11.57 | 0.00 | 01:00:00 |
By John Revill
ZURICH--Swiss private bank Julius Baer AG (BAER.VX) Tuesday said it has begun the transfer of Bank of America's Corp.'s (BAC) international wealth management operations in the U.K, Spain and Israel.
The step is the latest stage in Swiss bank's two-year integration process, following its acquisition of Merrill Lynch's International Wealth Management business for up to 806 million Swiss francs ($763 million) in cash and shares last August.
Zurich-based Julius Baer said the integration would make it one of the largest private banks in London, and strengthen its position in Spain and Israel.
"Representing more than a quarter of IWM's entire business in scope, the integration of the UK business is crucial to the transaction," said Boris Collardi, Julius Baer's chief executive.
IWM's financial advisers transferred on July 1, while client relationships and related assets under management will transfer to the Julius Baer platforms in stages and in line with appropriate regulations, the banks said.
The process for these markets is expected to be completed by mid-2014.
So far the businesses located in Switzerland, Uruguay, Chile, Luxembourg, Monaco, Hong Kong, Singapore, the U.K., Spain and Israel have started the transfer process and are moving ahead as planned, Julius Baer said.
The next businesses to transfer, expected to occur in September and October, are in Bahrain, Lebanon and the United Arab Emirates.
Write to john.revill@dowjones.com
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