Julius Baer in Asia has managed to tempt an entire BSI team to join it. The Zurich-based private bank plans to strengthen its Indian business with the help of the new hires.
Julius Baer is bolstering its wealth management for non-resident-Indians with the development of a new team. The Swiss company has taken on a team of four Hong Kong-based bankers from Banca della Svizzera Italiana (BSI) for the purpose.
The four are Prashant Goel, Shagun Tyagi, Sanam Budhrani and Reena Badlani, according to a report by the «Asian Private Banker» (story behind paywall).
Closer to Indian Community
Julius Baer so far has been serving its Indian clientele from Singapore only and with the expansion to Hong Kong it now aims to move closer to the Indian community, Rolf Schaerer, head of global markets ISC & NRI told the «Asian Private Banker».
Pushing the business with NRI is part of a strategy of Baer to promote India to become a global business, Jimmy Lee, the CEO Asia said.
A Key Market for Baer
India has become a key market for Julius Baer, helped by the rapid build-up of wealth on the subcontinent.
Julius Baer so far is one of only a few foreign banks with a sizable onshore business in India. It has profited from taking over the international business of Merrill Lynch in the giant country, concluded a year ago.
The bank took on some 6 billion Swiss francs in clients' assets in the process, thus taking a big step into a difficult market.
