Swiss private bank Pictet & Cie. has unveiled a new branch office in Munich, Germany as part of to expand business with German clients.
However, the bank’s office in Frankfurt will continue to serve as its main hub in Germany, according to Bloomberg.
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Pictet & Cie. partner Marc Pictet said, "The opening of the Munich office is a logical step for us after our client relationships in Munich and southern Germany developed so positively in recent years."
Recently, other Swiss banks like Julius Baer and Vontobel also opened new offices in Germany amid a crackdown by German authorities on individuals depositing undeclared funds offshore.
According to the data submitted by Boston Consulting Group in May, Germany is the world’s fourth-largest wealth market and has 362,000 millionaire households.
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