Swiss private bank Julius Baer has announced the finalisation of its acquisition of Merrill Lynch’s international wealth management business (IWM) outside the US from Bank of America (BofA).
The first step of the transfer of BofA’s business started on 1 February with the integration of the Geneva-based Merrill Lynch Bank (Suisse), and its branches in Zurich and Dubai.
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Merrill Lynch Bank (Suisse), which has around CHF11bn ($12bn) assets under management, is expected to be merged into Bank Julius Baer in summer 2013.
After the acquisition was announced in August 2012, Julius Baer raised $492m to fund the deal on 18 October 2012, before enlisting former Merrill Lynch senior executives to support the integration of the IWM in January 2013.
Julius Baer has offices in more than 20 countries worldwide.
The Swiss bank said it also expects to strengthen its presence in emerging markets with additional offices in Amsterdam, Bahrain, Beirut, Dublin, India, Luxembourg, Madrid and Panama.
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