J. Safra Sarasin Group Buys BMO’s Private Banking Business in Hong Kong and Singapore
Posted on 05/03/2021
J. Safra Sarasin Group reached an agreement with Bank of Montreal to acquire its 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. 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 in a press release: “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.”
The acquisition is expected to be completed during the course of the first half of 2021, subject to regulatory approvals. Financial terms are not disclosed.
Keywords: BMO Financial Group (BMO).