Swiss bank to acquire Bank of Montreal's HK, Singapore private banking business

Switzerland-based banking group J. Safra Sarasin Holding AG agreed to acquire the private banking business of Bank of Montreal in Hong Kong and Singapore through an asset purchase agreement.

Under the deal, J. Safra Sarasin will acquire Bank of Montreal's clients and relationship management teams in Hong Kong and Singapore. The Swiss bank did not disclose the financial terms of the deal.

Subject to regulatory approvals, the acquisition is expected to be completed during the first half of 2021, according to a Jan. 5 news release.