Julius Baer Holding AG Monday said it will acquire Merrill Lynch's wealth management business based outside the U.S. from Bank of America as well as raise fresh equity to bolster its finances as the Swiss private-banking specialist seeks to widen its global footprin
The Zurich-based bank said it will pay 860 million Swiss francs ($880 million), or 1.2% of the CHF72 billion in assets under management transferred as part of the cash and share deal, boosting total assets under management by 40%
Julius Baer said it will sell stock worth CHF750 million, with one third issued to BoA and the rest in a rights issues
The rest of the purchase price will be financed with existing funds and the issue of CHF200 million in hybrid securities
The extra equity raised will give Julius Baer "future strategic flexibility," the bank said
"At that level of [assets under management] transferred, the capital required to support the incremental risk-weighted assets is expected to amount to about CHF300 million, and the total restructuring, integration and retention costs will amount to about CHF400 million," Julius Baer said
"This acquisition brings us a major step forward in our growth strategy and will considerably strengthen our leading position in global private banking by adding a new dimension not only to growth markets but also to Europe," said Julius Baer Chief Executive Boris Collardi
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NUEVA YORK, (EUROPA PRESS) -
La entidad suiza Julius Baer ha alcanzado un acuerdo para la compra del negocio internacional de banca privada de Bank of America Merrill Lynch por un importe equivalente al 1,2% del valor de los activos gestionados por esta filial al cierre de la operación, que se desarrollará en distintas fases durante los dos próximos años, informaron ambas entidades.
A 30 de junio de 2012, el negocio internacional de banca privada de Bank of America gestionaba activos valorados en 84.000 millones de dólares (68.292 millones de euros) y contaba con una plantilla de unos 2.000 trabajadores.
En el marco de esta transacción Julius Baer y Bank of America Merrill Lynch han suscrito un acuerdo de colaboración por el que la entidad estadounidense proveerá distintos productos y servicios a Julius Baer.
El impacto en las cuentas de Julius Baer de la adquisición de estos activos será completamente apreciable en tres años, el primero tras el cierre de la operación. Independientemente del volumen de activos transferidos, la entidad helvética espera un impacto del 15% en su beneficio por acción de 2015.
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