Julius Baer buys ING's Swiss private banking business

Julius Baer pays $505 million for ING's private banking business in Switzerland, in a deal specialists say is a pre-cursor to the larger and more keenly contested sale of ING's private banking business in Asia.

Swiss private bank Julius Baer Group will buy ING Bank Switzerland for SFr520 million $505 million in cash.

Julius Baer will gain SFr15 billion of assets currently under management with ING in Switzerland, adding 10% to its current AUM. This will take Julius Baer's AUM to SFr160 billion as of August. The acquisition price translates into about 2.3% of AUM, excluding capital deemed surplus on the books of ING Bank Switzerland, and about 3% of AUM including...

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