The Swiss private bank is taking a step forward in Latin America, after a series of retreats due to a major scandal. Julius Baer's newest deal is in Mexico, a focus market in the region.
Julius Baer is ramping up its stake in wealth manager NSC Asesores from 40 percent to 70 percent, a move the Swiss private bank expects to translate directly to profits, it said in a statement on Monday. NSC Asesores manages $3.5 billion in client assets, which means it bolstered assets by $500 million since Julius Baer first took a stake in 2015.
Besides Brazil, Mexico is one of the Swiss bank's target markets in Latin America. Regional head Beatriz Sanchez is overseeing a major overhaul following a money laundering scandal in Venezuela. She has also identified Argentina as a focus, where for now Julius Baer looks after from Uruguay. The Mexico move follows retreats from Peru, Venezuela and Panama under Sanchez.
