It was forwarded Wednesday by Swiss bank Julius Baer Holding AG that it mulls to buy Dutch ING Group NV's (ING) private bank in Switzerland with the aim of strengthening  its position at home and in growth markets, adding $14.56 billion in client assets.

A sum of CHF520 million ($505 million) in cash would be paid by Zurich-based Julius Baer for the assets, including CHF170 million in surplus capital. The bank predicted the acquisitions to commence adding "strongly" to earnings-per-share from 2011 onwards.

The Swiss bank invested CHF65 million in integration costs - two-thirds of which are to be booked against 2010 earnings. It hopes to see CHF35 million yearly in synergies before taxes from uniting information technology and back-office activities, as well as cutting some staff.

Julius Baer Chief Executive Boris Collardi, said via a statement, "We are pleased to add significant scale to our domestic and European platforms while strengthening our business in Central and Eastern Europe, Russia and other growth markets."

Julius Baer manages money for wealthy individuals and has constantly expressed its readiness and financial firepower to do acquisitions. 
The bank expressed that it will add roughly 10% to its client assets with the ING purchase.

The deal was described as a further step towards freeing up capital by ING, in order to slash government ties after a financial lifeline last October.
 
A 51% stake in a joint venture was sold by ING just two weeks ago, for wealth management and life insurance in Australia and New Zealand for EUR1.1 billion.