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.



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