In accordance with with its acquisition-driven business model, Julius Baer Group Ltd agreed to buy the Luxemburg and Swiss operations of Bank Leumi Le-Israel BM. Bank Leumi has about CHF 7bn of assets under management in those jurisdictions.

As both banks are considered as Category 1 Banks under the US Program, Boris Collardi confirmed to Bloomberg that for Julius Baer ‘the discussions are ongoing’ and the liabilities for Bank Leumi ‘will remain with Leumi’s parent company.

Julius Baer also reported its half-year result. Net income went up to CHF 178.3m from CHF 114m a year earlier.