The value of the ten biggest banking and payments deals neared $30 billion in November 2020. Credit: Tumisu from Pixabay.

Safra Sarasin Group has agreed to purchase the private banking business of Bank of Montreal (BMO) in Hong Kong and Singapore.

The Swiss-Brazilian private bank has made the acquisition by way of an asset purchase agreement.

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Financial and other terms of the agreement have not been divulged by the companies.

Commenting on the deal, J. Safra Sarasin Group chairman Jacob J. Safra said: “This transaction underscores the importance of the Asian market for the group.

“We are delighted and believe that BMO’s private banking business in Asia will fit extremely well with our strategy. We are convinced that our strong capital base, efficient platform and high-quality services in wealth and asset management will offer great opportunities for BMO’s clients and employees in the future.”

This acquisition is part of the Swiss-Brazilian private bank’s international growth strategy and further bolster its presence in Asia.

The deal includes clients and their relationship management teams, J. Safra Sarasin Group said in a statement.

Bank J. Safra Sarasin CEO Daniel Belfer said: “We look forward to welcoming BMO’s clients and their relationship management teams to Bank J. Safra Sarasin. Together we will build on the strengths of the Group’s presence in Asia and further expand our footprint in this important market.”

BMO Financial Group CEO Asia Albert Yu stated: “Bank J. Safra Sarasin has a strong reputation for client service and we are confident that they are well positioned to service our private banking clients in Hong Kong and Singapore and provide fulfilling careers for our private banking relationship managers.”

The deal, subject to receipt of regulatory nods, is slated to be completed in the first half of 2021.