(11 January 2021 – Asia) J. Safra Sarasin, the Swiss-Brazilian private bank, has announced the acquisition of Bank of Montreal's (BMO) private banking business in Hong Kong and Singapore, marking the Bank as the second-most prolific dealmaker of the decade in Switzerland’s wealth management industry after Julius Baer.
The acquisition is expected to be completed in the first half of 2021, subject to regulatory approvals. J. Safra Sarasin has added more than 105 billion francs in assets since 2010.
J. Safra Sarasin will acquire the private banking business through an asset purchase agreement for an unspecified sum. The deal includes BMO's clients and its relationship management teams.
According to the Bank, BMO's well-diversified and attractive client base of Ultra High-Net Worth individuals is an excellent fit with the Group's existing private banking business and its comprehensive offering in investments, trading, credit and wealth planning.
“This transaction underscores the importance of the Asian market for the Group,” said J. Safra Sarasin Group chairman Jacob J. Safra.