The Swiss-Brazilian private bank is snapping up Bank of Montreal’s business with the wealthy in Hong Kong and Singapore.
J. Safra Sarasin is acquiring BMO's clients and its relationship management teams in Asia, the bank announced on Tuesday in an emailed statement. Neither party disclosed financial details of the deal.
It is the latest in a string of acquisitions for the Brazilian-Swiss private bank, controlled by the wealthy Safra family. «This transaction underscores the importance of the Asian market for the group,» Jacob Safra, chairman of J. Safra Sarasin, said about the deal.
«We are delighted and believe that BMO’s private banking business in Asia will fit extremely well with our strategy,» he added. Jacob Safra is the eldest son of Joseph Safra, the family patriarch who died four weeks ago.
Rapid Changes
J. Safra Sarasin has been a hotbed of change since 2019. Juerg Haller, a 35-year veteran of UBS, took over as chairman 15 months ago. Four weeks later, the firm named Daniel Belfer, a 46-year-old Brazilian banker, as its new CEO. Three months ago, an Asia veteran quietly disappeared from its board after a stint of just several months, as finews.com reported.
The wealth manager's assets stood at 185.8 billion Swiss francs ($190.4 billion) as of end-2019, with Asia accounting for 20.1 billion francs. The banking family controls a number of other investments including Chiquita, the banana distributor, and real estate like the «Gherkin,» one of London's most distinctive skyscrapers.
