BRASILIA (dpa-AFX) - Julius Baer Group (JBARF.PK, JBAXY.PK), Swiss wealth manager, said on Tuesday that it has inked a deal to sell its domestic Brazilian wealth management business, Julius Baer Brasil Gestao de Patrimonio e Consultoria de Valores Mobiliarios Ltda., or Julius Baer Brazil, to Banco BTG Pactual S.A., for total consideration of BRL615 million or CHF 91 million.
The transaction, to be closed in the first quarter, is expected to be around 30 bps accretive to Julius Baer's CET1 capital ratio at close.
Post transaction, Julius Baer will continue to serve Brazilian clients out of other locations and as such, the Brazil International business remains unaffected.
Julius Baer Brazil, with offices in Sao Paulo, Belo Horizonte, and Rio de Janeiro, is an independent wealth manager in Brazil. As of November 30, 2024, it had assets under management of BRL 61 billion or CHF 9 billion.
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