Julius Baer Buys Leumi’s Swiss Unit (Bloomberg)

Julius Baer Buys Leumi’s Swiss Unit (Bloomberg)

Julius Baer said it has entered into a “strategic cooperation agreement” with Bank Leumi and will acquire the Tel Aviv-based bank’s wealth operations in Switzerland and Luxembourg, according to an e-mailed statement today.  Leumi’s private bank in Switzerland and Luxembourg has about 5.9 billion Swiss francs ($6.6 billion) and 1.3 billion francs under management respectively, Zurich-based Julius Baer said. The transaction, expected to be completed by the end of the first quarter of 2015, calls for a payment of 10 million francs of goodwill in cash… Read Source Article