Julius Baer this week agreed to buy a small bank in Luxembourg, it is on the list of potential buyers for BSI private bank, and the latest rumor has it that the Zurich-based bank is in the market for a bank in Asia.
The consolidation of the private-banking industry is in full swing – and Julius Baer has the pick. The bank is now in the market for Barclays' private-banking unit in Asia, «Reuters» news agency reported.
Barclays hasn't said it wanted to divest the unit. But it is evaluating all its businesses and during this process speculation surfaced about a possible sale of the Asian private-banking as well as the Swiss private-banking business.
Barclays Unit an Attractive Bride
Barclays Asian Private Banking unit has about $36 billion in assets under management, making it an attractive proposition. The price for the unit has been estimated at $600 million.
Apart from Julius Baer, DBS of Singapore is also reported to have shown an interest in buying the Barclays unit. DBS is harboring ambitious growth plans, which includes expanding through acquisitions. Last year, the bank bought the Asian private-banking business of Société Général.
Hunting in Brazil and China
The involved parties didn't comment the speculation. Boris Collardi, chief executive at Baer, recently told the «Financial Times» that his institute was looking in Brazil and in the Chinese fintech market.
Earlier this week, Julius Baer said it agreed to buy Commerzbank in Luxembourg. People close to BTG Pactual, the Brazil bank which owns Switzerland's BSI, said that Julius Baer was one of the institutes showing a strong interest in buying the private-banking unit.
