The Swiss bank said it will continue to operate its Brazil international business and is committed to broader wealth management activities in Latin America.

Julius Baer has wrapped up the sale of its domestic Brazilian wealth management business to Banco BTG Pactual. The sale agreement was announced in early January, for a sum of BRL615 million ($106.8 million).



“All pre-closing steps were efficiently and successfully completed, and regulatory approvals received to execute the sale as envisaged,” Julius Baer said in a statement on Friday.



The Zurich-listed lender said the transaction is about 30 to 40 bps accretive to its Common Equity Tier 1 capital ratio; it will have a one-off impact to operating income of about SFr100 million ($1.13 million), mainly caused by non-cash cumulative currency translation adjustments already recognized in the group’s equity.



From the transaction closing date of March 28, Julius Baer Brazil has been deconsolidated from Julius Baer.



The bank added that it will continue to service Brazilian clients from other locations.



It “remains committed to its Brazil International business and its broader wealth management activities in Latin America,” the bank added.