Business News
Julius Baer to acquire ING's Swiss private bank
Oct 7, 2009, 8:12 GMT
Geneva - Swiss banking firm Julius Baer Group announced Wednesday it will acquire the Swiss operation of Dutch bank ING for 520 million Swiss francs (505 million dollars).
The deal includes the acquisition of ING private banks in Monaco and Jersey, the group said in a statement.
Integration is expected to be completed in mid-2010, with regulatory approval forecast for the first quarter of next year. Total estimated integration costs were about 65 million francs.
Acquiring the bank would raise Julius Baer's private client assets under management by about 10 per cent.
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