Julius Baer’s new strategy for Latin America is shaping up. The Zurich-based bank will open an office in Mexico, and poaching an ex-HSBC banker to run it.
Beatriz Sanchez, the new boss of Latin America at the private bank, is getting to grips with the reorganization in the region. She moved the bank out of Panama and Peru and has now decided to put a larger emphasis on Mexico.
Julius Baer will open a representative office in the country, according to a report by «Citywire Americas». The company has had a presence in the country since 2015, but only through a stake in NSC Asesores, a local wealth manager.
Local Expert for Mexico
Julius Baer is close to getting a license to do onshore banking and the company already appointed a head of office.
Manuel Torroella Velazquez will take charge at the unit. He joins from Monex Grupo Financiero, where he was an executive director for private banking. Previously, he spent 12 years working for HSBC, among them as head of private banking in Mexico.
Brazil, Mexico and Argentina in the Focus
Velazquez is an old acquaintance of Sanchez, his new boss. She had spent eight years at HSBC and was responsible for the Latin American business. The bank didn’t comment the report.
Julius Baer will focus on Mexico, Brazil and Argentina. It has by contrast pulled out of Venezuela, because Matthias Krull, the relationship manager responsible for that market, had confessed to money-laundering.
