Merrill Lynch Units Integration By Baer On Schedule

Merrill Lynch Units Integration By Baer On Schedule

The ownership of businesses, which were previously owned by Merrill Lynch, in Monaco, Luxembourg, Uruguay, and Chile have been transferred already by the Julius Baer Gruppe AG (VTX:BAER). This comes as the company integrates the wealth management businesses that the company acquired from the US-based bank.

The transfers are expected to increase the business of the Swiss bank in Monaco and South America.

According to Boris Collardi, the chief executive of Baer, the acquisitions will allow the bank to become a part of the financial center of Luxembourg with a considerable client base. The acquisitions will also provide the company new with prospects in its business.

The purchase of the wealth management businesses of Merrill Lynch located in regions outside Japan and the United States were completed last February. Baer aims to spread out into emerging markets in addition to reinforcing its existing businesses in these markets.

The Swiss bank is also aiming to transfer other major businesses in Singapore, Hong Kong and the United Kingdom that were previously part of the US bank before the end of the year. The integration of the former Merrill Lynch businesses is expected to be completed by 2015 although majority of the large business will be transferred before the end of this year.

Posted by James Fried on Wednesday April 03 2013, 3:24 AM EST. Ref: Reuters. Link. All trademarks acknowledged. Filed under Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0