Swiss bank Julius Baer Group AG (SWX: BAER) will open a representative office in Tel Aviv in early 2012. The office will have a dozen employees.
Dan Sagui will manage the bank's Israeli operations out of its Zurich office, and Ran Heistein will run the bank's representative office in Tel Aviv.
Julius Baer only handles private clients. It has been in business since the 1890s, and currently operates in 40 financial centers in 20 countries. It opened a representative office in Shanghai last week.
Julius Baer member of the executive board Gustavo Raitzin said, "After an extensive examination, we see potential in the developed Israeli market ... which provides us with an excellent opportunity to deepen our circle of Israeli clients and the variety of services that we provide them." Raitzin visited Israel last week.
Sagui said, "The decision and commitment to launch operations in Israel by Julius Baer, one of the most prestigious brands in wealth management, is recognition of the value of the Israeli market, and confidence in its ability to grow and thrive, as well as its economic and social potential."
Heistein added, "The opening of the representative office in Tel Aviv will give potential customers and partners in Israel access to one of the leading private bank brands in Switzerland. Julius Baer offers a unique combination of dedication to professionalism, a focus on investment management, and financial soundness."
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2011
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