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Exclusive | Swiss bank Julius Baer plans expansion in Hong Kong after pandemic to tap wealth management opportunities in China, Asia
- ‘Wealth planning has been one of the most important growth disciplines for Julius Baer in the last few years,’ says CEO
- The lender has not relocated people from Hong Kong to Singapore as it believes the pandemic to be ‘transitory’
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Swiss private bank Julius Baer will expand its Hong Kong office in the coming years, as it aims to use the city as a hub from which to develop its wealth management and family office businesses in China and other Asian markets, according to its global chief.
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Zurich-based CEO Philipp Rickenbacher, one of about 200 top global financiers attending the Global Financial Leaders’ Investment Summit in Hong Kong from November 1 to 3, had not visited the city for three years because of the pandemic.
He sees the trip to Hong Kong as a valuable opportunity to meet local colleagues and clients before putting into action his bold expansion plan after the pandemic.
“We have always had plans to expand in Hong Kong. The expansion plans may have been slowed down by the pandemic, but they have not been invalidated,” Rickenbacher said in an exclusive zoom interview with the Post ahead of the summit.
“Hong Kong will continue to be a growth story for Julius Baer in the years to come.”
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Julius Baer, which is headquartered in Zurich, is the third-largest Swiss lender after UBS and Credit Suisse, and is the biggest pure asset management firm in the country. It has a footprint in 60 markets in 25 countries.
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