- Commission fines banks for participating in cartels in interest rate derivatives industry
- RBS suffers major IT problems
- ABN AMRO to acquire domestic private banking activities of Credit Suisse in Germany
- Bank of Ireland escapes need to generate additional capital
- Banco Sabadell acquires JGB Bank in Miami
- UBS changes Group Executive Board and Corporate Centre
- Monitise launches white paper on next-generation mobile banking expired
- ACI Worldwide strengthens its position in the Americas expired
- Lord Blackwell appointed Chairman of Lloyds Banking Group expired
- BofA Merrill launches new transaction services in Brazil expired
- Tarmin transforms data management for financial service organisations expired
- BMO reports record net income and announces repurchase of common shares expired
13th July 2012
Julius Bär Italian JV
Julius Bär is to merge its Italian asset management business in Italy with Kairos Group. It will gain a 20% stake in Kairos with options to increase this stake to a majority holding in the future.
The joint venture will be required to seek a new banking licence from the Italian authorities. Paolo Basilico, the current Kairos head is to remain on the board, though what position he will hold in the JV was unclear. Bär is still expected to buy the non-US wealth management business from BoA Merrill Lynch.