ZURICH, Feb 3 (Reuters) - Julius Baer said it will hit the lower end of its target for taking on assets by buying Merrill Lynch’s overseas wealth arm, after missing views for full-year profits.
The Zurich-based private bank, one of 14 Swiss banks being targeted by U.S. prosecutors for helping wealthy Americans dodge taxes with hidden offshore accounts, said it will hit the lower end of a target to transfer between 57 billion and 72 billion Swiss francs ($62.94 billion to $79.50 billion) following the purchase.
This will also reduce the overall deal price, the bank said.
Julius Baer said the year’s net profit, when stripping out integration, restructuring and other costs, rose 19 percent to 480 million francs, which missed views for a 495 million franc profit.
$1 = 0.9057 Swiss francs Reporting By Katharina Bart