Julius Baer buys ING's Swiss unit

8th October 2009, Comments 0 comments

Julius Baer is buying the Swiss operations of ING for CHF 520 million, it announced Wednesday.

Zurich -- Swiss private banker Julius Baer Group is buying the Swiss operations of Dutch bank ING for CHF 520 million (EUR 344 million, USD 506 million) in cash, it announced Wednesday.

In a statement, Julius Baer said the purchase -- which also includes ING units in Monaco and Jersey -- will add 10 percent to its overall private-client assets and double its presence in Geneva, a major private-banking centre.

"Julius Baer is taking advantage of current market developments in acquiring a high quality, profitable asset with a strong track record," said Chairman Raymond Baer.

"The client base is similar to the one of Julius Baer and ING Bank’s employees share the same client-centric passion, making it a true cultural fit," he said.

ING in Switzerland manages CHF 15 billion in assets, with a staff of 310 including 80 relationship managers.

AFP / Expatica

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