Zurich, Switzerland (GenevaLunch) - Julius Baer Group has agreed to buy ING Bank (Switzerland) Ltd, based in Geneva, for CHF520 million, the Swiss bank announced 7 October. The ING bank will be folded into Bank Julius Baer. The combined assets under management (end August 2009 figures) will be CHF160 billion, with the Dutch bank subsidiary’s CHF15 billion under management providing Julius Baer with a 10 percent boost to assests under management. Julius Baer’s position as the top Swiss wealth management bank is thus ensured.
ING has 310 employees, of which 80 are relationship managers, and the its addition will double the presence of Julius Baer in Geneva. The wholly-owned ING subsidiary’s business in Monaco and Jersey are included in the deal, which is expected to go into effect in early January pending regulatory approval. ING Bank is strongly capitalized, the Baer Group says, and it has a net asset value of about CHF 380 million.
Links to other sites: Julius Baer press release, Bloomberg, Financial Times
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News story, GenevaLunch, 7 October 2009.
Filed under: Uncategorized
Tags: asset management, bank, Geneva, group, ING Bank, Julius Baer, Wealth Management