The acquisition of ING Bank (Switzerland) Ltd. (including its subsidiaries ING Bank (Monaco) SAM, ING Bank (Jersey) Ltd. and ING Fiduciary Services (Suisse) SA) will significantly strengthen Julius Baer's operations in the French-speaking region of Switzerland – particularly in Geneva.
The merger of ING Bank (Switzerland) Ltd. and Bank Julius Baer & Co. Ltd. is scheduled to take place on 1 March 2010. All of the units that were acquired will subsequently operate under the Julius Baer brand. The technical integration process is expected to be completed in summer 2010.
Boris F.J. Collardi, Chief Executive Officer, commented: "I am pleased that we have completed the acquisition within the designated timeframe and have thus been able to further strengthen our position as the leading Swiss private banking group. The integration process is running smoothly thanks to the excellent cooperation with our new colleagues and we expect to achieve the synergies that were previously announced. Our clients will benefit from new opportunities as a result of the strengthening of our local franchises."