Pure play private bank Julius Baer is said to have agreed to hire as many as 20 bankers from scandal plagued BSI's Singapore unit.
According to a report from financial news service Bloomberg the Zurich headquartered bank will take private bankers specialising in coverage of Non-Resident Indian clients (NRI) from the now defunct operations of Banca Swizzera Italiana (BSI) in Singapore.
The breakdown is said to be 8 relationship managers and their support staff.
Blow to EFG
Julius Baer has been bulking up its Asian headcount throughout 2016 adding to both its Hong Kong and Singaporean units with frequent announcements of senior hires across its operations.
For EFG it will be a severe blow to do without a key component and strong revenue generator of the Singapore business, which they had recently completed purchase of.
Julius Baer Singapore Move
finews.asia reported earlier that Julius Baer was looking to exit its current premises in Singapore, at Asia Square, and relocate to a massive new 100,000 square foot office at Marina One, a new office, retail and residential development in Singapore’s expanding Marina Bay Financial District.
