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The acquisition of Commerzbank International S.A. Luxembourg, announced in December 2015, was closed successfully on 4 July 2016. Going forward, the acquired entity will operate under the name of Bank Julius Baer Luxembourg S.A. The acquisition significantly strengthens Julius Baer’s presence in Luxembourg and provides further strategic flexibility for the Group’s European business.Zurich/Luxembourg, 4 July 2016 – Julius Baer announced today that the closing of the acquisition of the fully-licensed private bank Commerzbank International S.A. Luxembourg (CISAL) took place on 4 July 2016. At that date, CISAL reported approx. EUR 2.5 billion of assets under management and about 150 employees. Going forward, CISAL will operate under the name of Bank Julius Baer Luxembourg S.A., headed by CISAL’s former CEO Falk Fischer. Thomas Fehr, former Branch & Country Manager Luxembourg at Commerzbank AG, becomes COO and Member of the Executive Board of the Bank in Luxembourg. The total consideration of EUR 78 million, which includes EUR 35 million of regulatory capital transferred as part of the transaction, was paid in cash. Total restructuring and integration costs are estimated to amount to approximately EUR 20 million. The transaction significantly strengthens Julius Baer’s presence in Luxembourg, where the Group is already active through its local entity Julius Baer Investment Services S.A R.L., and provides Julius Baer with a booking centre in this important European financial centre. An additional benefit of the transaction is CISAL’s banking platform which runs on the same system as Julius Baer’s target platform. The acquired Temenos T24 platform and the related IT expertise will add relevant experience to Julius Baer’s currently ongoing worldwide platform renewal project. At the same time, the newly acquired booking centre will present Julius Baer with further strategic flexibility for servicing its European clients. Gian A. Rossi, Member of the Executive Board of Bank Julius Baer and Head Northern, Central and Eastern Europe, said: “I very much look forward to welcoming the new clients and colleagues to Julius Baer. CISAL is a high-quality franchise, which will enable us to further expand our footprint in this important financial centre. Additionally, the Luxembourg banking licence and CISAL’s T24 platform and expertise offer clear benefits for the Group as a whole.” Falk Fischer, former CEO Commerzbank International S.A. Luxembourg and new CEO of Bank Julius Baer Luxembourg S.A., said: “My colleagues and I are excited to join Julius Baer. Thanks to the Group’s position as the leading Swiss private bank with a global reach and the great cooperation with the colleagues of the existing local franchise in Luxembourg, I am convinced that our clients will benefit from the unique investment knowledge, exceptional client focus and the enhanced offering the combined businesses will be able to provide.”