NASSAU, BAHAMAS — Swiss wealth management giant Julius Baer today announced that it has reached an agreement to sell its Bahamas operations to Ansbacher Bahamas Limited.
Julius Baer announced back in February that it would close its Nassau booking centre as part of the group’s efficiency and productivity programme, a move which reportedly affected some 30 employees.
The wealth management group said in a statement today that following its announcement in February it received purchase offers for its Bahamas operations and reached an agreement with Ansbacher (Bahamas) Limited today.
Ansbacher will acquire Julius Baer Bank (Bahamas) Ltd. (Julius Baer Bahamas), which has assets under management of around CHF 1 billion, from Julius Baer Group Ltd. for an undisclosed amount.
The closing of the transaction is expected in the second half of 2020, subject to customary transaction-related conditions, including regulatory approvals.
In the light of this development, Julius Baer’s withdrawal from the Bahamas may take place earlier than planned while ongoing operations are largely being preserved for the benefit of clients and staff.
Ansbacher is a leading Nassau-based Bank & Trust Company specializing in wealth management, private banking, and fiduciary services.
It is owned by the Bahamian-based financial group A.F. Holdings Ltd., which has USD 11 billion in assets under administration and USD $230 million in total equity. It is the largest, diversified, Bahamian-owned financial group.