JB has successfully completed the acquisition of ING Bank (Switzerland) Ltd. that was announced in October 2009. The integration of the new business units is progressing as planned
The acquisition of ING Bank (Switzerland) Ltd. (including its subsidiaries ING Bank (Monaco) SAM, ING Bank (Jersey) Ltd. and ING Fiduciary Services (Suisse) SA) will significantly strengthen Julius Baer’s operations in the French-speaking region of Switzerland – particularly in Geneva.
The merger of ING Bank (Switzerland) Ltd. and Bank Julius Baer & Co. Ltd. is scheduled to take place on 1 March 2010. All of the units that were acquired will subsequently operate under the Julius Baer brand. The technical integration process is expected to be completed in summer 2010.
Boris F.J. Collardi, Chief Executive Officer, commented:
“I am pleased that we have completed the acquisition within the designated timeframe and have thus been able to further strengthen our position as the leading Swiss private banking group. The integration process is running smoothly thanks to the excellent cooperation with our new colleagues and we expect to achieve the synergies that were previously announced. Our clients will benefit from new opportunities as a result of the strengthening of our local franchises.”
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Useful link:
Julius Baer Group Ltd. full info
Press Release from Julius Baer Group. JB completes acquisition of ING Bank (Switzerland) Ltd. (pdf)
Thematic Focus: Dividend yield as an investment argument? Dividend yield is only one of many stock selection criteria. However, dividend payouts assume more importance when stock markets suffer from lacklustre performance, as they are likely to do in 2010 JB launches over-the-counter funds trading: JB announced that it is now offering over the-counter trading in unlisted investment funds and, with an initial universe of 300 products, will immediately become the Swiss market leader in this field