Julius Baer is opening its tenth branch in Germany – with several bankers poached from a rival.

The Zurich-based private bank is opening a branch in Berlin, a spokeswoman for Julius Baer said. The move was first reported by German daily «Handelsblatt» (in German, behind paywall).

The push into Germany's largest city as well as its capital is the latest expansion move for German private banker Heiko Schlag, who has more than doubled the number of relationship managers from to roughly 85 in the last four years.

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The move isn't entirely unexpected: Schlag had poached Christian Liste, the Berlin branch head of rival Bethmann private bank back in April. Liste will manage the Swiss bank's branch in the capital. He isn't the only Bethmann defector: Marco Heise and Frank Marszal are among the five private bankers who will help launch the Julius Baer branch.

Berlin is Julius Baer's tenth branch in Germany, making it the second-most dense branch network after home market Switzerland (with 14). After years of investment, Swiss bank is turning a profit in Germany.