Swiss private banking group Julius Baer has acquired a majority stake in NSC Asesores, a wealth management firm in Mexico, for an undisclosed sum.

Julius Baer purchased an additional 30% in NSC Asesores, which currently oversees nearly $3.5bn in assets.

The deal boosts Julius Baer’s total stake in the Mexican business to 70%. It originally purchased a 40% stake in NSC Asesores in 2015.

NSC CEO Claudio Núñez and deputy CEO Mariví Esteve de Murga will be retained.

“As we are both pure wealth managers, this transaction strengthens our commitment to provide independent investment excellence to our clients,” Núñez stated.

The Swiss bank expects the deal to be immediately accretive to its earnings per share.

The deal is also said to have a “modest impact” on Julius Baer’s capital ratios.

Julius Baer head of Latin America Beatriz Sanchez said: “The strategic partnership with NSC Asesores represents an excellent opportunity to leverage Julius Baer’s broad offering.

“By raising our participation to a majority stake, we will be able to increase the level of cooperation for the benefit of both companies’ clients.”

Sanchez terms Mexico as Latin America’s second largest economy and the bank’s core market in the region.

Julius Baer recently carried out a strategic review of its Latin America unit. The review resulted in the closure of the bank’s Panama and Peru operations.

The bank also offloaded its business in Venezuela.