Private Swiss bank buys BMO private bank in Hong Kong and Singapore.

The J Safra Sarasin Group completed the acquisition of the Bank of Montreal’s Private Banking Business.

Private Swiss bank J. Safra Sarasin Group reported it has completed the acquisition of the Bank of Montreal’s (BMO) Private Banking Business in Hong Kong and Singapore.

This marked the Swiss bank’s expansion in the Asian private banking market, reinforcing its role in the two financial centres.

“This acquisition marks another step in the implementation of the Group’s international growth strategy and will allow the Group to further enhance its successful presence in Asia,” Jacob J. Safra, chairman of J. Safra Sarasin Group, said.

“We would like to thank Bank of Montreal for its cooperation and constructive support since the transaction was announced in January 2021.”

The acquisition includes clients and BMO’s relationship management team.

J. Safra Sarasin noted the “well-diversified client base” of BMO is expected to compliment their private banking business.

Bank J. Safra Sarasin Ltd, Hong Kong and Singapore branches are locally regulated and registered institutions.