Julius Baer Panama and Peru offices are to be shut down following a strategic review of its Latin American unit.
The review, conducted by the bank’s Latin America business head Beatriz Sanchez, found the two countries unsuitable for building scale, reported Bloomberg.
The bank has not revealed any timeline for the move, which is said to impact six relationship managers as well as support staff.
According to the report, affected employees will now be transferred to the Bahamas, Chile or Switzerland and will continue to service their existing clients in Panama and Peru.
Currently, the bank intends to focus on Mexico, Brazil and Argentina, which includes the launch of a representative office in Mexico.
The bank is also in preliminary negotiations to launch in Miami, the report said. The Miami outpost is said to serve affluent Latin American individuals in the region.
At the same time, the bank intends to expand presence in Chile and Colombia through alliances, Bloomberg said.
Julius Baer’s business in Latin America has recently been scrutinised following the indictment of ex-Julius Baer staff Matthias Krull in a $1.2bn money laundering case linked to Venezuelan state-owned oil firm Petroleos de Venezuela. The bank has not been accused in the case.