宝盛将收购美林海外财富管理业务

Julius Baeris to buy the non-US wealth management operations of Merrill Lynch, boosting the Swiss private bank's assets by almost half and netting as much as SFr860m ($840m) for Bank of America, which owns the lossmaking unit.

瑞士私人银行宝盛(Julius Baer)将收购美林(Merrill Lynch)的非美国财富管理业务，这将令宝盛的资产规模扩大近一半，并让目前拥有这块亏损业务的美国银行(Bank of America)回笼8.60亿瑞士法郎（合8.40亿美元）。

The acquisition is Julius Baer's largest since it bought four wealth management businesses from UBS in 2005, and it marks its biggest leap forward since deciding to concentrate on private banking three years ago.

这是宝盛自2005年从瑞银(UBS)收购4家财富管理公司以来，规模最大的一笔收购，也标志着自3年前决定专注于私人银行业务以来，宝盛向前迈出了最大的一步。

For Bank of America, which acquired Merrill Lynch in the depths of the financial crisis, the sale of the unprofitable business marks one more step in the US bank's reorganisation plan. The bank opted to put the international Merrill Lynch business up for sale earlier this year, following a strategic review.

对于美国银行而言，出售这块无利可图的业务标志着该行重组计划的又一步骤。该银行曾在金融危机的严重时期收购美林。今年早些时候，在进行战略评估后，美国银行决定将美林国际业务挂牌出售。

The deal will give Julius Baer offices in eight new markets globally and help bolster its footprint in Asia, which it considers to be its second home market.

该交易将让宝盛在全球8个新市场展开业务，并帮助扩大其在亚洲的地盘。该公司将亚洲视为第二个本土市场。

But investors sent its share price down more than 6 per cent to SFr33.05 yesterday on worries over the dilution from a planned capital hike and financing.

但投资者昨日将宝盛股价推低逾6%，至33.05瑞士法郎，因他们对计划中的股本扩大的稀释效应以及融资感到担忧。

To fund the deal, Julius Baer will embark on a SFr750m rights issue, redeploy SFr530m of excess capital previously earmarked for a share buyback programme and issue SFr200m in new hybrid capital. Bank of America will also be issued with SFr240m worth of shares, giving it a 3 per cent stake in the enlarged Julius Baer.

为了给这笔交易融资，宝盛将启动7.50亿瑞士法郎的配股，重新部署先前拟用于回购股票的过剩资本，并发行2亿瑞士法郎的混合新债券。此外，宝盛将面向美国银行发行价值2.40亿瑞士法郎的股票，这将令美国银行获得扩大后的宝盛3%的股权。

In addition to the purchase price, Julius Baer will need an extra SFr300m in regulatory capital to support its new risk-weighted assets. The restructuring and retention costs associated with the deal are expected to run to SFr400m.

除了收购价之外，宝盛还需要3亿瑞士法郎的监管资本，以支持其新的风险加权资产。预计重组以及与交易相关的顾客维系成本将高达4亿瑞士法郎。

Boris Collardi, chief executive, said the deal would give Julius Baer the scale to compete in the global wealth management business.

宝盛首席执行官高力达(Boris Collardi)表示，这笔交易将令该公司获得在全球财富管理业务展开竞争所需要的规模。