Swiss private banking group Julius Baer is eyeing new acquisitions as it expects that the restrictions imposed on the company will be withdrawn next year.
In February this year, Switzerland’s financial regulator FINMA barred the banking group from making major acquisitions after it found lapses in Julius Baer’s anti-money laundering (AML) controls.
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By GlobalDataThe restrictions will remain in place until Julius Baer implements remedial measures.
A FINMA-appointed auditor is set to review the bank’s AML compliance next year, following which, it expects that the restrictions will be lifted.
Reuters reported that in an interview to Swiss financial publication themarket.ch, Julius Baer CEO Phillipp Rickenbacher said: “The requirement will be reviewed next year and based on the measures we have taken, I am confident that we will be able to lift restrictions in 2021.
“Acquisitions have been one of our strengths in the past. They have made us the global bank that we are today, and acquisitions will continue to play a role in the future: We are open to big, transformational acquisitions.”
Recently, it was reported that Julius Baer is planning to launch a majority-owned wealth management joint venture (JV) business in China.
Currently, the company is looking for a local partner, which is expected to be finalised next year.
If launched, the Swiss firm will be the first major private banking group to launch its wealth management JV in China.
