The Moscow office of Julius Baer earlier this year caught the headlines because of a dubious arms deal. This hasn't put the bank off and the management now plans to bolster its team in the Russian capital.
The affair was big news in April: the previous head of the Moscow (pictured above) branch of Julius Baer reportedly helped put in place a dodgy arms deals instigated by a manager of Swiss state-owned weapons manufacturer Ruag and a Zug-based arms dealer. The Zurich-based private bank soon suspended the banker.
When asked by finews.asia, Julius Baer confirmed that the former branch head was no longer at the company. Which doesn’t mean that the bank harbors no more ambitions in the Russian market.
Seriously Rich Business People
The company sees the country as a focus market, not least because of the large number of seriously rich business people. And, according to information obtained from sources familiar with the matter, the bank actually wants to boost its presence in Moscow.
The bank may even plan to move the office from the status of representation up to a fully licensed wealth management firm. This would help the company take better care of its local clientele. Remy Bersier, who is in charge of emerging markets at the private bank, recently remarked on this potential upgrade in English-language newspaper «The National».
Managed Ad Interim
The bank hopes to implement the project fairly quickly and to nail the upgrade by the end of the year. Until a decision has been made, the office is managed ad interim.
The outcome now hinges on the Russian regulator who no doubt will remember that the anti-corruption body not so long ago had to pay the bank a visit.
