Wealth manager J. Safra Sarasin Group will acquire the Bank of Montreal’s private banking business in Hong Kong and Singapore by way of an asset purchase agreement. The acquisition, which includes clients and their experienced relationship management teams, will be completed in the first half of 2012.
The bank’s client base of ultra-high-net-worth individuals is an excellent fit with J. Safria Sarasin’s existing private banking business and its offerings in investments, trading, credit and wealth planning, according to the group.
The acquisition marks another step in the implementation of the group’s international growth strategy and will allow it to further enhance its presence in Asia.
The group’s Hong Kong and Singapore branches are locally regulated and registered institutions providing private banking and wealth management services to private and institutional clients in Asia and globally.