Bank of America Corp. has completed the principal closing of the sale of its international wealth management business to private Swiss bank Julius Baer Group.
Bo announced Friday that all the pre-conditions necessary to allow principal closing of the sale of its international wealth management business have been met.
The first step of the integration involves Julius Baer acquiring the Geneva-based Merrill Lynch Bank (Suisse) S.A. with around 11 billion Swiss francs in assets under management.
The firms said that the principal closing marks the start of a business transfer and integration that is expected to take about two years. During this period, international wealth management businesses, financial advisors, their client relationships and related assets under management will be transferred to Julius Baer in a staggered process, subject to local conditions.
The first step in the acquisition and business transfer process is the acquisition of Merrill Lynch Bank (Suisse) and its branches in Zurich and Dubai. It is expected to be merged into Bank Julius Baer & Co. Ltd. in the summer.
“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 [international wealth management] business is an excellent strategic fit, strengthening Julius Baer’s presence in key growth markets and significantly enlarging our asset base,” comments Boris Collardi, CEO of Julius Baer.