J Safra Sarasin Group has agreed to buy the private banking business of BMO Financial Group in Hong Kong and Singapore.
The financial terms of the deal were undisclosed, but the firms admitted that it will be “asset purchase” agreement.
The acquisition, which is expected to close during the first half of 2021, includes clients and their relationship management teams.
BMO said that the Hong Kong and Singapore markets “remain important” for the group and it will continue its “longstanding service” to its corporate and institutional clients in Asia.
Growth in Asia
Jacob Safra, chairman of J Safra Sarasin Group, said: “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.”
Albert Yu, chief executive of Asia at BMO Financial Group, said: “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 to provide fulfilling careers for our private banking relationship managers.”
