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Bond Market News
Julis Baer Rumored to Takeover EFG International
June 7, 2024
Julius Baer is speculated to be announcing a takeover of its rival, EFG International as per website Inside Paradeplatz citing rumors of market talk. In late May, as per Bloomberg, Julius Baer had held preliminary discussions with EFG about the possibility of a combination. Any deal between the two is expected to create a wealth manager with more than CHF 500bn ($561bn) in AUM. KBW analyst Thomas Hallett noted that the transaction would “make financial sense” and could also help solve Julius Baer’s search for a permanent CEO. This comes after the earlier CEO Philipp Rickenbacher stepped down earlier this year due to the bank’s exposure to the Signa property empire.
Julius Baer’s 4.875% Perp was trading stable at 91.97, yielding 8.76%.
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