J. Safra Sarasin completed the acquisition of the private banking business of Bank of Montreal.

J. Safra Sarasin, a Swiss private bank, completed the acquisition of the private banking business of Bank of Montreal, a Canadian multinational investment bank and financial services company. Business is located in Singapore and Hong Kong. Financial terms were not disclosed. “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. We look forward to helping manage their wealth in this dynamic region. 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, J. Safra Sarasin Chairman.