July 21, 2014 / 5:16 AM / in 3 years

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

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below