By John Revill
ZURICH--Swiss private bank Julius Baer AG (BAER.VX) Tuesday said
it has begun the transfer of Bank of America's Corp.'s (BAC)
international wealth management operations in the U.K, Spain and
Israel.
The step is the latest stage in Swiss bank's two-year
integration process, following its acquisition of Merrill Lynch's
International Wealth Management business for up to 806 million
Swiss francs ($763 million) in cash and shares last August.
Zurich-based Julius Baer said the integration would make it one
of the largest private banks in London, and strengthen its position
in Spain and Israel.
"Representing more than a quarter of IWM's entire business in
scope, the integration of the UK business is crucial to the
transaction," said Boris Collardi, Julius Baer's chief
executive.
IWM's financial advisers transferred on July 1, while client
relationships and related assets under management will transfer to
the Julius Baer platforms in stages and in line with appropriate
regulations, the banks said.
The process for these markets is expected to be completed by
mid-2014.
So far the businesses located in Switzerland, Uruguay, Chile,
Luxembourg, Monaco, Hong Kong, Singapore, the U.K., Spain and
Israel have started the transfer process and are moving ahead as
planned, Julius Baer said.
The next businesses to transfer, expected to occur in September
and October, are in Bahrain, Lebanon and the United Arab
Emirates.
Write to john.revill@dowjones.com
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