J. Safra Sarasin has completed its acquisition of Bank of Montreal’s private banking business in Hong Kong and Singapore.
BMO’s private banking clients were «attractive and well-diversified», according to a statement from J. Safra Sarasin, which also commended the incoming relationship management team for its fit.
«We are proud to keep on growing in Asia and are delighted to welcome to our group the clients of Bank of Montreal and their relationship managers in Hong Kong and Singapore,» said group chairman Jacob J. Safra.
«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.»
Asia Expansion
Part the new joiners include industry veteran and BMO Private Bank’s ex-Asia chief executive Monique Chan, as reported by finews.asia.
Other major appointments include former BNP Paribas private bankers Mignonne Cheng and Andy Chai who were named as J. Safra Sarasin’s chairman and CEO for the region.
