December 21, 2018 / 1:49 PM / a month ago

Julius Baer sells Dutch domestic business to WMP

ZURICH, Dec 21 (Reuters) - Julius Baer will sell its Dutch domestic business to wealth manager WMP, the Swiss private bank said on Friday, as it narrows its focus to core markets such as Britain, Germany and Switzerland.

Baer, which took over the unit that caters to Dutch clients in 2014 when it bought Merrill Lynch’s International Wealth Management business, said WMP is getting an operation with nine relationship managers and 1 billion euros ($1.14 billion) under management. Baer said the impact to earnings and capital ratios would be immaterial. ($1 = 0.8760 euros) (Reporting by John Miller; editing by David Evans)

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