Julius Baer says to buy Bank Leumi Swiss, Luxembourg private bank

ZURICH, July 21 Mon Jul 21, 2014 1:16am EDT

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ZURICH, July 21 (Reuters) - Julius Baer said on Monday that it will buy the private banking activities of Bank Leumi in Luxembourg and Switzerland, in a deal which will cost up to 70 million Swiss francs ($78.01 million).

The Zurich-based private bank said goodwill payable on the deal is 10 million francs, but that restructuring, integration and other spending will add to the total cost.

The deal will add a low single-digit percentage to earnings per share from 2016, Baer said, if three quarters of Leumi's clients transfer their funds.

($1 = 0.8973 Swiss Francs) (Reporting By Katharina Bart)

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