Julius Baer Aims For Pvt Bank To Spearhead Deals
Julius Baer Holding said Monday it wants its private bank to spearhead mergers and acquisitions.
"We want to be an active consolidator through mergers and acquisitions," the Swiss bank's private banking head Boris Collardi said at a conference for investors and media.
Collardi and other executives presenting the bank's first-half earnings deferred questions on Julius Baer's plans for surplus capital - its Tier 1 ratio is a healthy 16.7% - to Sept. 24.
The bank then plans to detail management, strategy, capital and financial targets shortly before it splits its private bank from asset management and hedge fund operations.
Collardi said Julius Baer's private bank would "definitely look at something sizable" in Switzerland, or deals to round out business in European onshore markets. In other markets such as Asia or the Middle East, Collardi said Julius Baer would look for deals to gain a presence where the bank is interested in gaining a foothold.
"It's strategic but opportunistic," Collardi said, summing up the private bank's attitude to deal making.
-By Katharina Bart, Dow Jones Newswires; +41 43 443 8043; katharina.bart@dowjones.com
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