As planned, the Principal Closing of Julius Baer’s acquisition of
Merrill Lynch’s International Wealth Management business outside the
United States (IWM) from Bank of America, which was announced in August
2012, took place today. At the same time and as a first step of the
integration, Julius Baer acquired the Geneva-based Merrill Lynch Bank
(Suisse) S.A. with around CHF 11 billion assets under management.
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
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).
About Julius Baer
Julius Baer is the leading Swiss private banking group with focus on
servicing and advising sophisticated private clients and a premium brand
in global wealth management. Bank Julius Baer & Co. Ltd., the renowned
Swiss private bank with origins dating back to 1890, is the principal
operating company of Julius Baer Group Ltd., whose shares are listed on
the SIX Swiss Exchange (ticker symbol: BAER) and form part of the Swiss
Market Index (SMI) of the 20 largest and most liquid Swiss stocks.
Julius Baer is currently integrating Merrill Lynch’s International
Wealth Management business outside the US. This will increase the
Group’s presence to more than 25 countries and 50 locations.
Headquartered in Zurich, we have offices from Dubai, Frankfurt, Geneva,
Hong Kong, London, Lugano, Monaco, Montevideo, Moscow, Shanghai to
For more information visit our website at www.juliusbaer.com
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.