Swiss bank Julius Baer is to shift its regional headquarters to Singapore with a view to further expanding in South East Asia, it has been reported. Recently the bank has been embarking on a number of hires in the region to capitalize on growth in the area.
Now, following banking authorities’ decision to grant a licence to the Swiss bank enabling it to open a wholesale bank branch in Singapore, it is to use the country as a base for its Asian operations.
“This is a major milestone for the bank,” says Wilfried Kofmehl, chief executive of Julius Baer’s private bank in South East Asia. “We have successfully upgraded our banking license and operations to be able to support our clients in the region and the tremendous growth of our business here and internationally. Singapore will play a major role as the bank’s regional hub in South East Asia.”
In Asia, the bank also has a presence in Hong Kong, Dubai and Tokyo.