Julius Baer Sells Italian Subsidiary Kairos to Anima Holding: Impact on Profit and Ratios

2023-11-16 17:15:03

Zurich (awp) – The banking group Julius Bär announced Thursday following the stock market close that it had agreed with the co-shareholders of its Italian subsidiary Kairos to sell 100% of the latter to Anima Holding for an amount of between 20 and 25 million euros.

The finalization of the transaction, which is part of the refocusing of the bank’s activities on its core business, is expected for spring 2024. It should not have “a significant impact” on profit or ratios. of the group’s equity, assured the latter in a press release, which specifies that the assets under management (AuM) held by Kairos are currently around 4.5 billion euros (4.33 billion Swiss francs).

Julius Baer bought Kairos from its former financial partners in a staggered acquisition, acquiring a 19.9% ​​minority stake in 2013 before taking full control in 2018. Two years later , Julius Baer had sold 30% of its subsidiary to its managers, and other stakes in 2021, while retaining a majority of 65%.

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