J. Safra Sarasin, the Swiss-Brazilian private bank, has announces the acquisition of Bank of Montreal's (BMO) private banking business in Hong Kong and Singapore.
The transaction was agreed for an undisclosed sum.
The deal enables J. Safra Sarasin to acquire Bank of Montreal's private banking business in Hong Kong and Singapore by way of an asset purchase agreement. The acquisition includes clients and their experienced relationship management teams.
BMO's well-diversified and attractive client base of Ultra High-Net Worth individuals is an excellent fit with the Group's existing private banking business and its comprehensive offering in investments, trading, credit and wealth planning.
According to the company, this latest acquisition marks "another step in the implementation of the Group's international growth strategy and will allow the Group to further enhance its successful presence in Asia."
Bank J. Safra Sarasin Ltd, Hong Kong and Singapore branches are locally regulated and registered institutions.
Jacob J. Safra, chairman of J. Safra Sarasin Group, commented: "This transaction underscores the importance of the Asian market for the Group. We are delighted and believe that BMO's private banking business in Asia will fit extremely well with our strategy. We are convinced that our strong capital base, efficient platform and high-quality services in wealth and asset management will offer great opportunities for BMO's clients and employees in the future."
Daniel Belfer, CEO of Bank J. Safra Sarasin, said: "We look forward to welcoming BMO's clients and their relationship management teams to Bank J. Safra Sarasin. Together we will build on the strengths of the Group's presence in Asia and further expand our footprint in this important market."
Albert Yu, CEO Asia, BMO Financial Group, stated: "Bank J. Safra Sarasin has a strong reputation for client service and we are confident that they are well positioned to service our private banking clients in Hong Kong and Singapore and provide fulfilling careers for our private banking relationship manager."
This transaction underscores the importance of the Asian market for the Group."