Julius Baer, the Zurich based private bank, has acquired the private banking activities of Bank Leumi in Luxembourg and Switzerland in a deal that will cost up to $78 million. Both businesses combined currently hold CHF 7 billion in AuM.
This was announced alongside the bank’s half-year results which recorded an eight percent rise in assets under management (AuM), an increase of CHF 20 billion, to reach CHF 274 billion, a record for the bank. In addition, adjusted net profit rose 10% to CHF 288 million for the first half of the year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Boris Collardi, chief executive of Julius Baer Group, said: "We are very pleased with the strong financial performance in the first half of 2014. The substantial further asset growth of the group and the excellent net new money result led to an all-time high in assets under management. Together with the initial and accelerating materialisation of the IWM-related efficiency gains this helped deliver and substantial increase in profit."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
