Julius Baer chairman Romeo Lacher expressed the private bank’s commitment to Asia and its confidence that Hong Kong would remain open and well-regulated for business.
«A significant part of global wealth growth is taking place in Asia and we will, therefore, continue to invest there,» said Romeo Lacher, according to a «Reuters» report citing Swiss newspaper «Aargauer Zeitung». «Hong Kong is the most important financial center in the region and is extremely dynamic.»
The bank has done more than just express confidence, having hired 40 bankers in mid-2019 during the heated periods of social unrest in Hong Kong.
Choosing Sides
On whether banks will be forced to choose sides in the U.S.-China conflict, Lacher believed that this would not apply for the industry. «No, I think that is very unlikely for our industry,» he explained. «Hong Kong plays an important role for all market participants as an open and strictly regulated financial center.»
Lacher also said that the bank was actively changing its financial incentives to discourage purely volume-based business, adding that «our client advisers must also be able to say 'no' to business».
