Bank Julius Baer has long wanted to divest its Italian asset management subsidiary. There are growing indications that Zurich Insurance is the buyer.
Swiss insurance group Zurich is said to be preparing an offer for Kairos, with a binding offer coming by mid-October, according to a report in the Italian newspaper «Milano Finanza» (In Italian, behind paywall) Thursday, citing anonymous sources.
Julius Baer's Italian asset management subsidiary is valued between 40 million to 50 million euros, according to the report. Julius Baer declined to comment to finews.com, saying It doesn't comment on speculation.
Ongoing Speculation
The Milan-based business daily floated another interested party for Julius Baer's 70 percent stake in Kairos in early August, saying it was in negotiations with Italy's Banca Patrimoni Sella & C.
The remaining 30 percent of Kairos' capital is owned by several of its managers, some of whom are among the company's founders.
