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Julius Baer Chief Sees Asia Making Up a Third of Business – Bloomberg

Julius Baer Group Ltd., Switzerland’s third-largest publicly traded private bank, sees Asia accounting for about a third of its business in the next five years as the firm adds staff to tap into rising affluence in the region.

The Zurich-based bank’s hiring spree from last year is paying off in a “very big way,” Chief Executive Officer Boris Collardi said Thursday in a Bloomberg Television interview in Singapore. Asia currently accounts for about 20 percent to 25 percent of its business, he said.

The firm is among European private banks that have sought to boost their Asian operations to profit from growing individual wealth. In an interview a year ago, Collardi said Asia may overtake Europe as Julius Baer’s biggest revenue-generating region in five years.

Julius Baer Chief Sees Asia Making Up a Third of Business – Bloomberg}

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