European business

Julius Baer to Acquire Commerzbank International SA Luxembourg

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Julius Baer to Acquire Commerzbank International SA Luxembourg
Foto: Dennisilekeller, Flickr, Creative Commons. Julius Baer compra la entidad de banca privada de Commerzbank en Luxemburgo

Author: Alicia Miguel

  1. Julius Baer has agreed to acquire Commerzbank International SA Luxembourg, a fully-licensed private bank with close to EUR 3 billion of assets under management running on a Temenos T24 platform
  2. This transaction will significantly strengthen Julius Baer’s presence in Luxembourg, and in addition will provide Julius Baer with further strategic flexibility for its European businesses while adding relevant T24 experience to Julius Baer’s platform renewal project
  3. The total consideration is approximately EUR 68 million, assuming EUR 25 million of regulatory capital is transferred as part of the transaction. Total restructuring and integration costs are expected to amount to approximately EUR 20 million