Julius Baer has moved into the Chinese market
and opened a representative office in Shanghai.
Chief executive for Julius Baer in Asia,
Thomas Meier, said, “Our representative office marks our first step
to building a meaningful presence in this key global wealth
market.”
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The Swiss private bank can not currently
provide any products in China because foreign banks can only apply
for a business license after having a representative office for two
years.
As part of their expansion in Asia, Julius
Baer intends to increase its workforce in the region, despite
announcing earlier this month that they would be cutting 150 jobs,
mostly in Europe.
Julius Baer’s move into China follows the
company’s Asia’s Wealth Report, published in September,
which predicted that by 2015 the number of high net-worth
individuals (HNWI) across Asia will more than double to 2.82m.
Meier said that the move into China emphasised
the bank’s commitment to the Asian wealth markets, and called Asia
Julius Baer’s second home market.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
