The Swiss private bank has opened offices in Johannesburg. It is pinning its hopes on a recovery of the South African economy.
Julius Baer, based in Zurich, this week officially opened its offices in Johannesburg, the business hub of South Africa, according to the «Business Day». The bank will advise its clients in the country, while booking their assets in Switzerland.
The opening of a branch comes at an economically difficult moment in South Africa. Gross domestic product is forecast to shrink this year for the first time since 2009.
New Hope for the People
The decision to press ahead with the new branch despite the economic woes is seen as a sign of trust in new President Cyril Ramaphosa. The successor to Jacob Zuma has given his countrymen back the hope of an economic recovery, according to Daniel Savary, the deputy head of emerging markets at Julius Baer.
Julius Baer joined Lombard Odier, a rival private bank, which has already unveiled its own offices in the country, according to the report in the «Business Day». Big banks such as Credit Suisse and Deutsche Bank by contrast have begun to withdraw.
