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.
Expansion strategy
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.
