The Hong Kong Monetary Authority has granted
Swiss private banking group Bank Julius Baer a banking
licence.
The branch status is part of the bank’s Asian growth strategy which
aims to double staff numbers in the region.
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The Swiss private bank’s licence was granted
despite being fined HK$3m ($390,000) by the Hong Kong Securities
and Futures Commission in July for failing to identify wealthy
clients as professional investors between October 2006 and July
2008.
Julius Baer North Asia chief executive Andrea
Benenati said that gaining full branch status in Hong Kong has
always been part of Julius Baer’s long-term plan.
“Not only will a branch licence attract more
clients to Julius Baer, but it will also allow us to further expand
our product offerings in what is clearly a very exciting and
sought-after market,” said Benenati.
Julius Baer currently employs more than 400
people in Asia and is working on plans to open a representative
office in Shanghai and a trust company in Singapore.
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