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J. Safra Sarasin Buys BMO Private Bank in Hong Kong and Singapore

8th January 2021 | Hong Kong

Swiss Private Bank J. Safra Sarasin has announced the acquisition of Bank of Montreal (BMO) Private Banking in Hong Kong and Singapore.  The acquisition of BMO Private Banking includes its AUM (Assets Under Management), clients and private banking relationship management teams.  The transaction is expected to close the 1st half of 2021, subject to regulatory approval.

” Swiss Private Bank J. Safra Sarasin buys BMO Private Banking in Hong Kong and Singapore “

Bank J.Safra Sarasin Grows in Asia

In the official press release, Bank J. Safra Sarasin cited BMO private banking well-diversified and attractive client base of Ultra High-Net Worth individuals as an excellent fit with the Group’s existing private banking business and its comprehensive offering in investments, trading, credit and wealth planning.


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The acquisition will also mark another step in its’ international growth strategy and to further enhance its successful presence in Asia.  Bank J. Safra Sarasin currently have offices in both Hong Kong and Singapore.

 

 

Bank J. Safra Sarasin

Founded in 1841 and headquartered in Switzerland, Bank J. Safra Sarasin is in more than 25 locations in Europe, Asia, the Middle East and Latin America.  The J. Safra Sarasin Group is part of the family-owned J. Safra Group, a highly regarded name in global Private Banking.  In 2019, the private bank reported AUM of $202 billion (CHF 185 billion).

 

BMO Financial Group

Bank of Montreal (BMO) is one of the 5 largest bank in Canada and the 8th largest bank by assets in North America.  The group have total assets of $949 billion (Oct 2020), providing personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers.  The group conducts business through 3 operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

 

Jacob J. Safra, Chairman of J. Safra Sarasin Group:

“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.”

 

Daniel Belfer, CEO of Bank J. Safra Sarasin:

“We look forward to welcoming BMO’s clients and their relationship management teams to Bank J. Safra Sarasin. Together we will build on the strengths of the Group’s presence in Asia and further expand our footprint in this important market.”

 

Albert Yu, CEO Asia, BMO Financial Group:

“Bank J. Safra Sarasin has a strong reputation for client service and we are confident that they are well positioned to service our private banking clients in Hong Kong and Singapore and provide fulfilling careers for our private banking relationship managers.”




2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

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