Julius Baer's Russian business was hit by scandal last year. The private bank now plans a hiring offensive to get the business back on track.
The move harkens back to the era of ex-CEO Boris Collardi: by year-end, Julius Baer intends to hire as many as eight private bankers in Russia to haul in assets. The unit wants to win 200 clients in the same time period, Russian boss Ewgeni Smuschkovich told news wire «Bloomberg».
The move puts Julius Baer on the offensive after the head of its Moscow representative office was ensnared in a Swiss weapons scandal last year, as finews.asia reported. The scandal has drawn the attention of Switzerland's prosecutor. The banker's alleged deals were reportedly known to Julius Baer, which dismissed him at some point last year.
Russia-Wide Pitch
In October, Julius Baer began renewing its Russian efforts, securing a license to go onshore from the country's central bank in December. The office is now led by Rudolf Scherrer, a veteran private banker formerly with Sberbank and Credit Suisse.
From Moscow, Scherrer and Smuschkovich want to acquire clients with at least $2 million across Russia. The new license allows Julius Baer to actively pitch to clients in the country.
