Julius Baer Group is considering an option to beef up its recruitment drive in Asia as China resumes the process to open its border for business, reported Bloomberg quoting the bank’s CEO Philipp Rickenbacher.
Reopening of China has enabled the clients to reimpose their confidence in the region.
The plan to hire additional workforce in Asia is based on the belief that business will take a momentum after the Covid-19 pandemic stalled activities for a few years.
In an interview with Bloomberg TV Rickenbacher said: “We are clearly hiring in Asia where we have a full pipeline in Hong Kong and a full pipeline in Singapore.
“This will change the game as now China reopens.”
Even though China’s reopening brings positive prospects for the region and broader global economy, Julius Baer has ‘no immediate plans’ to undertake business in onshore China.
Rickenbacher added: “We have a very strong offshore franchise and we want to keep it that way.”
Julius Bear has already enhanced its footprint in the Middle East by opening an advisory office in Qatar in October last year.
The Swiss private bank is also adding new staffs to its Dubai office.
Last month, Bloomberg TV reported that Julius Baer was eying to speed up the expansion of its wealth business in India.
Earlier this week, the firm announced the closing of its latest share buyback programme.
Source : Private Banker International