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Bank Julius Baer opens wholesale
bank branch in Singapore
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Bank Julius Baer, Switzerland¡¯s leading
dedicated wealth manager, has announced that the Monetary Authority of
Singapore has granted in-principle approval for the bank to establish a
wholesale bank branch in Singapore. |
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The bank was established in Singapore in
2003 and became Bank Julius Baer (Singapore) Ltd. on 3 January 2006. |
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The bank moved into the 21st floor of
One George Street in April 2006. On 9 November 2006, it celebrated
its official opening in Singapore. |
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With the wholesale bank license, the
bank can offer, among other things, basic Singapore Dollars (SGD)
products such as current accounts, deposits and loans for all
clients including Singapore residents. |
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Thomas R. Meier, CEO Private Banking
Asia, Middle East, Aegean & Eastern Europe, said: "This is yet
another important milestone and an integral part of the bank's
strategy to strengthen our presence and expand our business and
footprint in the region and bring us even closer to our clients
here." |
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Wilfried Kofmehl, CEO Private Banking
South East Asia, added: "We would like to thank the Monetary
Authority of Singapore for their support. We are committed to
Singapore and the regional market. Since we opened to service the
regional market, we have expanded our team of relationship
managers, developed a full-fledged booking system for Asian and
international clients as well as trading facilities to cover Asian
markets, all thanks to the strong support of totally dedicated
staff and our clients." |
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On 8 February 2007, the Julius Baer
Group announced its 2006 full-year results that showed an increase
in net profit by 35% to CHF 868 million and assets under
management (AUM) to CHF 361 billion. Growth markets, Asia in
particular, showed strong inflows of net new money. |
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About Julius Baer |
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The Julius Baer Group is the leading
dedicated wealth manager in Switzerland. The Group, whose roots
date back to the 19th century, concentrates exclusively on the
fields of private banking and asset management for private and
institutional clients. |
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With more than 3,600 employees
worldwide, the Group managed clients¡¯ assets in excess of CHF 360
billion at the end of December 2006. |
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The Julius Baer Group¡¯s global
presence comprises over 30 locations in Europe, North America,
Latin America and Asia, including Zurich (head office), Buenos
Aires, Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, New
York, Singapore and Tokyo. Bank Julius Baer, the key company of
the Group, has a longterm debt rating of Aa3 from Moody¡¯s. The
shares of Julius Baer Holding Ltd. are listed on the SWX Swiss
Exchange. |
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Source:
www.juliusbaer.com Press
Release 19 Mar 2007 |
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