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November 4, 2010updated 04 Apr 2017 3:52pm

Julius Baer gets licence for HK booking centre

The Hong Kong Monetary Authority has granted Swiss private banking group Bank Julius Baer a banking licence.The branch status is part of the banks Asian growth strategy which aims to double staff numbers in the region.The Swiss private banks 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.

By Lauren Mitchell

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.

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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