Swiss banking giants Credit Suisse and Julius Baer held negotiations about a possible merger, local newspaper SonntagsZeitung reported, citing unidentified people.
There haven’t been any official negotiations and the situation may be re-evaluated if Julius Baer resolves its issues with U.S. tax authorities, the report said.
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Both the banks declined to comment on the report.
Julius Baer, which manages CHF274 billion in assets, is the fourth-largest Swiss bank behind UBS and Credit Suisse, and Pictet & Cie.
The deal would boost Credit Suisse’s wealth management assets to CHF1.1 trillion, according to Bloomberg.
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