J. Safra Sarasin Group is pleased to announce the acquisition of Bank of Montreal’s (BMO) Private Banking Business in Hong Kong and Singapore. This transaction confirms the Group’s leading role in the consolidation of global private banking.
J. Safra Sarasin Group today announced that it has 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.
BMO’s well-diversified and attractive client base of Ultra High-Net Worth individuals is an excellent fit with the Group’s existing private banking business and its comprehensive offering in investments, trading, credit and wealth planning. This acquisition marks another step in the implementation of the Group’s international growth strategy and will allow the Group to further enhance its successful presence in Asia.
Bank J. Safra Sarasin Ltd, Hong Kong and Singapore branches are locally regulated and registered institutions providing a complete suite of high quality private banking and wealth management services to private and institutional clients in Asia and globally.
Jacob J. Safra, Chairman of J. Safra Sarasin Group, commented: “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, said: “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, stated: “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.” 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.
