Julius Baer has poached a team of ten from Credit Suisse, which specializes in private banking in Portugal. A blow for the Swiss No. 2, which only just expanded in the smaller of two Iberian nations.
The ten-member team of private bankers started in their new workplace in Madrid on Monday, according to a statement released by Julius Baer on Tuesday. The bankers will focus on the Portuguese market working from the capital of Spain.
José Maria do Cazal-Ribeiro is the new head of Portugal at Julius Baer, while Gonçalo Maleitas Correia will take charge of the domestic business on the Atlantic coast. Both managers will report to Carlos Recoder (pictured below), head of Western Europe at the private bank. Julius Baer defines Portugal as a «develop market» and will invest in growth in the region.
Setback for Credit Suisse
The group heads will be supported by senior relationship managers Gonçalo Pinto Basto, Francisco Pimentel, Gonçalo Viana de Sousa, Luis Barata and Salvador Roque de Pinho, as well as by assistents Luis Barreto Xavier, Ana Maria Da Silva and Maria João Abreu.
The departure of the ten-strong team is a setback for Credit Suisse. A company spokesperson insisted that the bank had already been able to fill its vacancies and maintains its growth targets. Credit Suisse, which opened an office in Lissabon in 2013, increased assets under management in the country by 44 percent between 2015 and 2018.
EFG Branch Due to Open
The banks also face competition from another Swiss rival – EFG International will open a branch in Portugal in September. Ex-BNP Paribas banker Pedro Rego will be the head of market.
