The Swiss private bank has agreed to sell a wealth management business in the Netherlands.
Julius Baer has
agreed today to sell its domestic business in the Netherlands,
following earlier moves to slim down some of activities to focus
on core markets.
The Dutch business oversees about €1 billion ($1.14 billion) of assets under management, and nine staff. It is being sold to WMP for an undisclosed sum, Julius Baer said in a statement today.
"This move is consistent with Julius Baer’s strategy to focus its investments and physical presence in core markets worldwide, which was accelerated by opening three branches in the United Kingdom and two in Germany in 2018," it said in a statement.
The bank said it expects to complete the deal in the second quarter of 2019, subuect to regulatory approvals.
The deal will not materially affect Julius Baer’s earnings and capital ratios.
Julius Baer took over the business in 2014 as part of the acquisition of Merrill Lynch’s International Wealth Management business.
WMP will continue to advise clients out of Amsterdam and intends to book their assets at Bank Julius Baer Europe. in Luxembourg.
"This solution will ensure the utmost continuity for all clients affected and underpins the continued importance of the Dutch market for Julius Baer via its international coverage model," Julius Baer said.
Along with other groups, Julius Baer has decided to re-focus on
specific markets where it can achieve the most profitability. In
late October Julius Baer confirmed it was closing offices in
Panama and Peru as part of a strategic review of Latin American
operations. The bank has been expanding its regional presence in
the UK, meanwhile.