At today's Extraordinary General Meeting of Julius Baer Holding Ltd., the shareholders approved the separation of Julius Baer's Private Banking and Asset Management businesses into two fully independent entities, both inpidually listed on the SIX Swiss Exchange.
Following the completion of the transaction, Julius Baer Group Ltd. will focus on private banking services while GAM Holding Ltd. will concentrate on active asset management. This move will substantially increase the two companies' strategic flexibility and enhance their market visibility. The transaction is expected to be completed during the third quarter 2009, subject to regulatory approvals.
In detail, the Extraordinary General Meeting of Julius Baer Holding Ltd. passed the following resolutions:
As a result of a detailed analysis, the preferred securities in the amount of CHF 225 million will not be bought back. It is the intention to transfer the preferred securities to the balance sheet of Julius Baer Group Ltd, subject to third-party approval.
The presentation to the Extraordinary General Meeting may be accessed via www.juliusbaer.com/egm.
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