Julius Baer to buy Commerzbank Luxembourg arm for 68 million euros

December 16, 2015 6:15 AM

21 0

Julius Baer to buy Commerzbank Luxembourg arm for 68 million euros

ZURICH Swiss private bank Julius Baer (BAER.VX) will buy Commerzbank AG's (CBKG.DE) Luxembourg private banking franchise with close to 3 billion euros ($3.28 billion) in assets under management, Baer announced on Wednesday.

"The total consideration is approximately 68 million euros, assuming 25 million euros of regulatory capital is transferred as part of the transaction. Total restructuring and integration costs are expected to amount to approximately 20 million," it added in a statement, saying the deal was set to cl...

Also read: ECB sets Banco Popular's 2017 capital level at 7.875 percent

Read more

To category page

Loading...