Julius Baer has opened a representative office in Tel Aviv, moving into Israel for the first time.
The office will be headed by chief representative Ran Heistein, while Israel market head Dan Sagui holds overall responsibility for the bank’s activities in the country.
Previously the bank offered services to clients in Israel through an offshore team, but according to a spokesman this is potentially the first step of a deeper engagement in the country.
The spokesman cited Israel’s flourishing technology industry and excellent universities as factors attracting smart people and potential clients.
Julius Baer has been pursuing a strategy of global growth for a number of years on multiple continents.
In November Private Banker International reported on the opening of a representative office in Shanghai, China, while the bank’s Middle East business has also been expanding.
Two weeks ago the bank hired twenty people in Switzerland to cover the Middle East, Julius Baer’s spokesman said.