Julius Baer Group’s CEO Boris Collardi said the bank has not held negotiations about a possible merger with Credit Suisse (CSGN) Group.
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Collardi added that the merger will not take place while Julius Baer will remain under investigation in the US on allegations of helping Americans evade taxes, reported Bloomberg.
"There have been no formal discussions or approaches. It’s hard to imagine an acquisition of Julius Baer this year, or for the foreseeable future."
Julius Baer declined to comment on the Swiss media reports regarding the merger talks.
Julius Baer, which manages CHF274 billion in assets, is under pressure from investors to focus more on managing money for the wealthy and reduce its exposure to investment banking.
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By GlobalData"Clients were very concerned about these rumours, which shows that they like our clear positioning as a pure-play private bank," Collardi added.
"While the company would be obliged to consider an offer, Julius Baer would come with a very expensive price tag," Collardi told Bloomberg.
Additionally, the bank is planning to reach an arrangement with the US Justice Department related to a cross-border US client business closed between 2009 and 2011.
