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13

Aug

Julius Baer to buy Merrill Lynch private bank outside U.S

Swiss private bank Julius Baer (BAER.VX) is to buy Bank of America’s (BAC.N) Merrill Lynch private bank outside the United States, paying 860 million Swiss francs (563 million pounds) to boost its assets under management by 40 percent and backing the deal with plans to raise 1.19 billion francs in new capital.