Julius Baer to acquire Merrill Lynch wealth unit

Swiss private banking group Julius Baer said Monday it will acquire Merrill Lynch's International Wealth Management business outside the United States from Bank of America for some 860 million Swiss francs ($879 million, 716 million euros). The acquisition, subject to shareholder and regulatory approvals, is expected to add up to 72 billion Swiss francs to assets under management over the next two years, the bank said in a statement. "This transaction represents a rare opportunity to acquire an international pure-play wealth management business of significant size and will add substantial scale to our business in Europe and in key growth markets in Asia, Latin America and the Middle East," bank chairman Daniel Sauter said in a statement.