Julius Baer buys ING’s Swiss private banking assets

October 7, 2009

(ChattahBox) — Swiss private bank Julius Baer is to buy the Swiss private banking assets of Dutch financial services group ING for $506 million.  Julius Baer is paying cash for the assets, and said it expects the acquisition to begin adding “strongly” to earnings-per-share from 2011. Ranked after UBS and Credit Suisse as the third biggest wealth manager in Switzerland, Julius Baer is also seeking to build Asia as a second major market.  ING, which received $14.7bn in Dutch aid last October that it needs to pay back, is also seeking a buyer for its Asia private banking operations, said people close to the matter.  Last month, it sold its stake in its Australian joint venture to ANZ.

Source


Comments

Got something to say? **Please Note** - Comments may be edited for clarity or obscenity, and all comments are published at the discretion of ChattahBox.com - Comments are the opinions of the individuals leaving them, and not of ChattahBox.com or its partners. - Please do not spam or submit comments that use copyright materials, hearsay or are based on reports where the supposed fact or quote is not a matter of public knowledge are also not permitted.