Swiss-banking group Syz & Co is reportedly considering to spend up to CHF200 million ($219.5 million) on acquisitions in a bid to boost its private banking and asset management operations.
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The move comes as the firm competes with the costs of increased regulation related with various tax crackdowns, reported Reuters.
Syz & Co’s co-founder and CEO Eric Syz said that the bank will seek its own deals following the departure of two of three partners including Alfredo Piacentini and Paolo Luban this year.
The bank is seeking acquisition plans as it looks to clear its accounts of tax dodgers.
Eric Syz added that the bank is mainly looking to buy untainted and declared assets in Latin America.
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By GlobalData"We’re always looking. We’ve looked at three potential deals this year and two last year, but none of them worked out, mainly because of our quality standards," Syz told Reuters.
"As we do not have a legacy problem, we are very prudent. We have no desire to buy something to resolve someone else’s problem. We either want clean portfolios or, if we’re not dealing with particularly clean assets, we don’t want to pay much for them," he added.
Syz & Co, which currently manages CHF35 billion of assets, has reported a net profit of CHF26 million in 2013.
