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J. Safra Sarasin Group completes the acquisition of the Private Banking Business of Bank of Montreal in Hong Kong and Singapore

J. Safra Sarasin Group is pleased to announce the successful completion of the acquisition of Bank of Montreal’s (BMO) Private Banking Business in Hong Kong and Singapore.

Basel, 3 May 2021 - This acquisition confirms the Group’s expansion in the Asian private banking market and reinforces its leading role in these two important financial centres where it has a long and successful track record and to which the Group is highly committed.

BMO’s attractive and well-diversified client base as well as its experienced relationship management teams fit perfectly well with the private banking business of Bank J. Safra Sarasin and its comprehensive offering in investments, trading, credit and wealth planning.

Bank J. Safra Sarasin Ltd, Hong Kong and Singapore branches are locally regulated and registered institutions. They provide a complete suite of private banking and wealth management services to private and institutional clients in Asia and globally. Experienced staff, high-quality services and innovative products underpin the Group’s reputation as trusted partner and employer.

Jacob J. Safra, Chairman of J. Safra Sarasin Group, commented:

“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. We would like to thank Bank of Montreal for its cooperation and constructive support since the transaction was announced in January 2021.”

For more information please contact:

Media Relations

T: +41 (0)58 317 40 88 | e-mail: media@jsafrasarasin.com

J. Safra Sarasin Group – Sustainable Swiss Private Banking since 1841

As an international group committed to sustainability, J. Safra Sarasin is well established through its banks in more than 25 locations in Europe, Asia, the Middle East, Latin America and the Caribbean. A global symbol of private banking and wealth management tradition, the group emphasises security and well-managed conservative growth for its clients. At the end of December 2020 it managed total client assets of CHF 192.4 billion and employed about 2,200 staff, with stockholders equity of CHF 5.4 billion.

J. Safra Group

The J. Safra Group (the “Group”), with total assets under management of over USD 300 billion, consists of privately-owned banks under the Safra name and investment holdings in asset based business sectors such as real estate and agribusiness. The Group’s banking interests in over 160 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA; all independent from one another from a consolidated supervision standpoint. The Group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue office complex and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 34,000 employees associated with the J. Safra Group.

Legal notice

This media release has been prepared by Bank J. Safra Sarasin Ltd, Switzerland, (hereafter “Bank”) for information purposes only. It contains selected information and does not purport to be complete. This document is based on publicly available information and data (“the Information”) believed to be correct, accurate and complete. The Bank has not verified and is unable to guarantee the accuracy and completeness of the Information contained herein. Possible errors or incompleteness of the Information do not constitute legal grounds (contractual or tacit) for liability, either with regard to direct, indirect or consequential damages. In particular, neither the Bank nor its shareholders and employees shall be liable for the opinions, estimations and strategies contained in this document. The opinions expressed in this document, along with the quoted figures, data and forecasts, are subject to change without notice. A positive historical performance or simulation does not constitute any guarantee for a positive performance in the future. Discrepancies may emerge in respect of our own financial research or other publications of the J. Safra Sarasin Group relating to the same financial instruments or issuers.

It is impossible to rule out the possibility that a business connection may exist between a company which is the subject of research and a company within the J. Safra Sarasin Group, from which a potential conflict of interest could result.

This document does not constitute either a request or offer, solicitation or recommendation to buy or sell investments or other specific financial instruments, products or services. It should not be considered as a substitute for individual advice and risk disclosure by a qualified financial, legal or tax advisor.

This document is intended for media companies and media employees working in countries where the J. Safra Sarasin Group has a business presence. The Bank does not accept any liability whatsoever for losses arising from the use of the Information (or parts thereof) contained in this document.