The Principal Closing marks the start of the approx. two-year business transfer and integration phase. During this period IWM entities, financial advisors, their client relationships and related assets under management will be transferred to Julius Baer in a staggered process in the respective more than 20 locations, subject to the fulfilment of local preconditions.
The first step in the acquisition and business transfer process is the acquisition of Merrill Lynch Bank (Suisse) S.A. and its branches in Zurich and Dubai by Julius Baer Group Ltd. at the Principal Closing on 1 February 2013. It encompasses the entire Swiss bank with a strong international client base and assets under management of around CHF 11 billion. Merrill Lynch Bank (Suisse) S.A. is expected to be merged into Bank Julius Baer & Co. Ltd. in summer 2013.
“The Principal Closing marks the beginning of a new era for our Group: together with our new colleagues we endeavour to build the new reference in private banking, setting new standards in our industry for the benefit of our sophisticated clientele. The IWM business is an excellent strategic fit, strengthening Julius Baer’s presence in key growth markets and significantly enlarging our asset base,” comments Boris F.J. Collardi, CEO of Julius Baer.
Headquartered in Zurich, Julius Baer has offices in more than 20 countries worldwide: Switzerland Ascona, Basle, Berne, Crans-Montana, Geneva, Kreuzlingen, Lausanne, Lucerne, Lugano, Sion, St. Gallen, St. Moritz, Verbier, Zug, Zurich Europe Duesseldorf, Frankfurt, Guernsey, Hamburg, Istanbul, Kiel, London, Milan, Monaco, Moscow, Munich, Paris, Stuttgart, Vienna, Würzburg Americas Lima, Montevideo, Nassau, Santiago de Chile Asia-Pacific Hong Kong, Jakarta, Shanghai, Singapore Middle East and Africa Abu Dhabi, Cairo, Dubai, Tel Aviv Additional offices expected in Amsterdam, Bahrain, Beirut, Dublin, India, Luxembourg, Madrid and Panama.
Further information on the status and future development of the acquisition, asset transfer and integration process will be provided at the presentation of Julius Baer’s full-year results 2012 on 4 February 2013 at 9.30 a.m. (CET).
This media release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in Julius Baer Group Ltd. (the “Company “) or any other securities nor shall it or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. This media release includes forward-looking statements that reflect Julius Baer Group Ltd.’s intentions, beliefs or current expectations and projections about the transaction described herein which, although the Company believes them to be reasonable at this time, may prove to be erroneous. The Company and each of its directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.