Mon, Apr 23, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Julius Baer acquires assets from Israel’s Bank Leumi

Tuesday, July 22, 2014

Bailey McCann, Opalesque New York:

On the heels of news that Swiss bank Julius Baer is likely to come to a settlement with US regulators after charges that the bank helped US citizens evade their taxes, the bank has announced plans to acquire Israel’s Bank Leumi.

Julius Baer CEO Boris Collardi said on the bank's most recent earnings call that he expects to come to a settlement within the next few months. Julius Baer shares rose on the news. Credit Suisse another Swiss bank involved in similar tax troubles settled with regulators for $2.5bn in May.

The bank appears to be confident coming out of this episode, and has announced that it will acquire the international private banking assets of Bank Leumi. According to a Financial Times report, under the terms of the deal Leumi will transfer the clients of its Swiss private bank to Julius Baer, and Julius Baer will buy Leumi’s private bank in Luxembourg. The two units have a combined SFr7bn ($7.8bn) in assets.

Baer last made an acquisition of this nature in 2012, when it purchased the international side of Merrill Lynch's wealth management business.

Leumi is also under investigation for helping US residents evade their taxes, the bank has set aside $275 million for a settlement, that set-aide won't be impacted by the Baer deal.

On the call, Collardi noted that market observers can expect to see c......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its