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© Reuters.
ZURICH – Swiss non-public banking group Julius Baer has introduced the sale of its subsidiary Kairos, an Italian funding administration agency, to Anima Holding. The deal, valued between €20 million and €25 million ($21.7 million and $27.1 million), is a strategic transfer to realign Julius Baer’s core enterprise focus and improve its companies for Italian clientele outdoors of Italy.
The transition, which is anticipated to be accomplished by spring 2024, will embrace the shift of Kairos’ senior administration and co-shareholders to Anima Holding. Julius Baer’s relationship with Kairos started in 2013, culminating in full possession by 2018. Nevertheless, share gross sales again to Kairos executives had been made in 2020 and 2021.
This divestiture comes as a part of Julius Baer’s broader technique to focus on servicing its Italian clients from Switzerland and different places. The transaction is just not forecasted to considerably impression Julius Baer’s revenue or capital ratios.
Anima Holding’s acquisition of Kairos, which oversees EUR 4.5 billion in belongings, marks a big enlargement for the Italian holding firm. The settlement ensures a easy transition for Kairos’ management crew and additional solidifies Anima’s place within the European wealth administration sector.
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