Safra Sarasin Group has acquired Bank of Montreal’s (BMO) private banking business in Hong Kong and Singapore.

The deal, which was conducted by way of an asset purchase agreement, covered the clients, and the relationship management teams of the pertaining units.

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Bank J. Safra Sarasin Hong Kong and Singapore branches provide a suite of private banking and wealth management services to private and institutional clients in Asia and globally.

The Swiss private bank said that BMO’s client base and its relationship management teams fit perfectly well with its private banking business and its offering in investments, wealth planning trading, and credit.

Commenting on the deal, J. Safra Sarasin Group chairman Jacob Safra called the acquisition another step in the implementation of the group’s international growth strategy and said it will further bolster its presence in Asia.

He said: “We are proud to keep on growing in Asia and are delighted to welcome to our Group the clients of Bank of Montreal and their relationship managers in Hong Kong and Singapore. We look forward to helping manage their wealth in this dynamic region.

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“We would like to thank Bank of Montreal for its cooperation and constructive support since the transaction was announced in January 2021.”

Safra Sarasin Group reported an increase in net profit and assets under management (AuM) in 2020 despite the impact of ongoing Covid-19 pandemic.

The company’s net profit in 2020 stood at CHF400.3m, an increase of 5.3% from CHF380.2m reported a year ago.

The AuM grew to CHF192.4bn driving on CHF7.2bn in net new inflows.