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J Safra Sarasin Completes Purchase Of BMO's Hong Kong, Singapore Private Banking Arms
Tom Burroughes
4 May 2021
deliver strong returns. The Hong Kong and Singapore markets remain important for BMO, and we look forward to continuing our longstanding service to our corporate and institutional clients in Asia." J Safra Sarasin is based in Basel, Switzerland, its Banco Safra organisation is based in Sao Paulo, Brazil, and the Safra National Bank of New York is based in New York City.
The move is an example of consolidation affecting parts of the world’s private banking space. At the end of December 2019, the J Safra Group had total assets under management of more than $270 billion.