Julius Baer to buy Merrill Lynch private bank outside the US
Bank of America’s Merrill Lynch private bank (outside the United States) is set to be bought by Swiss private bank Julius Baer. The Swiss bank will pay 860 million Swiss francs ($882 million) to boost its assets under management by 40 %, and plans to back the deal by raising 1.19 billion francs in new capital.
According to Reuters, Baer has already been making efforts to ensure that Merrill’s most productive advisers stick around after a deal, with Baer executives visiting Panama and other Latin American markets, proclaiming the advantages of the combination.
Latin America’s wealth market is booming, as perhaps demonstrated by Baer’s interest in the region. Private Banking Latin America will bring together leading private banks and wealth managers to share best practice. Download the brochure for more information.
Sonia Dula, Managing Director and Head of Latin America Wealth Management at Bank of America Merrill Lynch, will be speaking at the event on the topic, ‘Managing a cross border wealth management team in Latin America – keys to efficient communication, talent recruitment and staying on top of regulation.’