Julius Baer limits rights issue after BAML wealth management’s acquisition

Swiss private bank Julius Baer has announced the decision to limit a rights issue to CHF500m from an originally planned CHF750m.

The decision follows the announcement of the acquisition of Bank of America Merrill Lynch (BAML)’s overseas wealth-management business.

According to a statement released by the Swiss group, the board decided to limit the rights issue due to shareholders’ feedback ahead of an extraordinary general meeting on September 19.

Julius Baer also confirmed the plan to issue CHF 240m in new equity to Bank of America as part of the acquisition price.

The acquisition was announced on August 13, as part of the growth strategy of the company.

The final price of the deal will has been set to 1.2% of client assets ($84bn at the end of June), which will be determined at completion of the sale.

preloader
Close Window
View the Magazine





You need to fill all required fields!