Swiss wealth management ( WM ) firm Julius Baer Group, following the signing of an agreement to sell Julius Baer Brazil to Banco BTG Pactual on January 7, has successfully completed all pre-closing steps and received all regulatory approvals required to execute the sale as envisaged.

The transaction is approximately 30 to 40 basis points accretive to Julius Baer’s common equity tier-1 capital ratio and is expected to result in a one-off impact to operating income of approximately 100 million Swiss francs ( US$113.46 million ), mainly resulting from non-cash cumulative currency translation adjustments already recognized in the group’s equity.

As per closing date March 28, Julius Baer Brazil has been deconsolidated from Julius Baer Group. Julius Baer will continue to service Brazilian clients out of other locations and, as such, remains committed to its Brazil International business and its broader wealth management activities in Latin America.

Julius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients.