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RETAIL BANKING | Staff Reporter, Singapore

Swiss lender buys Bank of Montreal's private bank arm in Hong Kong, Singapore

J. Safra Sarasin Group said it expects the deal to close by H1 2021.

Swiss private bank J. Safra Sarasin Group has acquired the Bank of Montreal’s private banking business in Singapore and Hong Kong.

In a press release, the Swiss bank said that it has reached an agreement with Bank of Montreal to acquire its private banking business by way of an asset purchase agreement.

The acquisition includes clients as well as their relationship management teams.

The acquisition is expected to be completed during the first half of 2021, subject to regulatory approvals. Financial terms are not disclosed.

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