The Brazilian unit of Swiss private banking firm Julius Baer Group is planning to open offices outside of Sao Paulo and Rio de Janeiro, Brazil’s two largest cities.

The move to open branches outside the two major cities came as the lender sought to look for wealthy clients who are living outside the big financial centres, Bloomberg has reported.

GPS Investimentos Financeiros & Participacoes, partly owned by Zurich-based Julius Baer, will hire about 15 people and open branches in Belo Horizonte and Porto Alegre.

Jose Eduardo Martins, GPS Investimentos founder and partner, told Bloomberg that the new branches will serve the states of Minas Gerais and Rio Grande do Sul.

"The agricultural and mining commodities boom of the past years and the Brazilian emerging middle-class created a whole new world for wealthy people in Brazil that is far away from the big centres in Sao Paulo and Rio de Janeiro, "Martins added.

Martins added that GPS may also expand in other Latin American countries and is looking for local partners in the Northeast and Central-West regions.