Swiss financial conglomerate Julius Baer has principally closed the acquisition of Merrill Lynch’s International Wealth Management business outside the US (IWM) from BofA, which was announced in August 2012.
The transaction also includes purchase of Geneva-based Merrill Lynch Bank (Suisse) with approximately CHF11bn ($12.1bn) of assets under management.
Commenting on the acquisition, Julius Baer CEO Boris F J Collardi said that the acquisition will boost its private banking business and boost its presence in key growth markets.
Under the deal’s two-year business transfer and integration phase, the IWM entities, financial advisors, their client relationships and related assets under management will be transferred to Julius Baer covering over 20 locations.
The acquisition and business transfer process of Suisse and its branches in Zurich and Dubai into Bank Julius Baer & Co, is likely to take place in the middle of 2013.
Headquartered in Zurich, Julius Baer manages offices in more than 20 nations globally, and offers various types of banking and wealth management services.
BofA serves nearly 53 million consumer and small business relationships with almost 5,500 retail banking offices, and approximately 16,300 ATMs and online banking with 30 million active users.