Swiss Bank Julius Baer to Complete Merrill Lynch Transfers Soon

By Marc Castro

Apr 02, 2013 07:29 AM EDT

Julius Baer has completed the transfer of ownership of its business interests in Chile, Uruguay, Luxembourg and Monaco. These interests were brought from Merrill Lynch and it is being integrated with the wealth management business it currently operates.

The transfers, according to the bank, would boost the business in South America and in Monaco. According to Baer CEO Boris Collardi, through a statement, "Moreover, we enter the market in the important financial center Luxembourg with a substantial client base, which also opens up new business opportunities."

The purchase of Merrill Lynch's wealth management business beyond the US and Japan borders was completed last February. The aim is to expand into fast growing markets to strengthen its business revenues with more mature markets.

The other Merrill Lynch businesses in Hong Kong, Singapore and the United Kingdom would be transferred this year and integration would be completed by the first three months of 2015.

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