Swiss private banking group Julius Baer has obtained an investment firm licence from The Central Bank of Bahrain (CBB) to establish its own unit in the Kingdom.
Julius Baer Bahrain – the new subsidiary – is expected to launch its own operations and provide service and advise to private clients in global wealth management.
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Ahmed Al-Bassam, the director of Licensing & Policy, CBB said, "We welcome Julius Baer’s decision to expand its operations in the region by establishing as subsidiary in Bahrain.
"The presence of an arm of a reputable institution such as the leading Swiss private banking group Julius Baer, in the Kingdom of Bahrain is an added value to the leading role that Bahrain holds as a financial center in the region."
Julius Baer’s assets under management (AuM) increased by 16% in the first four months of 2013. The bank went from US$195 billion AuM at the end of 2012 to US$227 billion at the end of April 2013. Julius Baer acquisition of Merrill Lynch’s International Wealth Management (IWM) unit accounted for 78% of this rise, with US$24.8 billion coming in from the integration.
In line with its original integration plans, Julius Baer began the transfer of Merrill Lynch’s IWM business in Hong Kong and Singapore on 28 May.
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