Swiss private banking group Julius Baer has completed the acquisition of ING Bank (Switzerland) announced in October 2009. The integration of the new business units is progressing as planned, the group said in a statement.

The acquisition, including its subsidiaries ING Bank (Monaco), ING Bank (Jersey) and ING Fiduciary Services (Suisse) will, the purchaser says, significantly strengthen its operations in the French-speaking region of Switzerland, particularly in Geneva.

The divestment is stated by the Dutch vendor ING to be in line with its “back to basics” strategy of focusing on fewer franchises and reducing the complexity of the group.

The transaction will generate a net profit for ING of approximately €150 million (about $220 million). ING Private Banking in the Benelux countries and central eastern Europe remain part of the bank’s core business.

The merger is scheduled to take place on 1 March 2010. All the units that were acquired will subsequently operate under the Julius Baer brand and the technical integration process is expected to be completed this summer.