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J. Safra Sarasin to take over BMO’s PB business in Hong Kong and Singapore

huGO-BildID: 39959491 A logo is seen at a branch office of private Bank J. Safra Sarasin in Basel October 26, 2014. Swiss authorities have searched the offices of private Bank J. Safra Sarasin as part of a probe led by German prosecutors into dividend stripping, an investment strategy that can be used to help clients avoid taxes, a Zurich prosecutor said. Authorities searched Sarasin's offices in Basel and Zurich on Thursday, as well as others connected to the bank, in a broader investigation into so-called "cum ex" dividend deals, Zurich deputy prosecutor Marcel Strassburger told Reuters. REUTERS/Arnd Wiegmann (SWITZERLAND – Tags: BUSINESS LOGO)

J. Safra Sarasin Group has struck a deal with Bank of Montreal (BMO) to acquire its private banking business in both Hong Kong and Singapore, the Swiss pure play announced today. The buyout will be in the form of an asset purchase agreement, and J. Safra Sarasin will also acquire BMO’s clients as well as its relationship management teams in…

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