External Content

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

Aug. 29 (Bloomberg) -- Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, jumped to the highest in almost four months following a report it may be acquired by Credit Suisse Group AG.

The shares rose 2.8 percent to 41.95 Swiss francs ($46) at 10:55 a.m. in Zurich after earlier increasing as much as 3 percent to 42 francs, the highest since May 14. Inside Paradeplatz, a Swiss finance industry blog, said today Credit Suisse might be considering a takeover of Julius Baer, without citing anyone. Spokesmen for Julius Baer and Credit Suisse declined to comment on the report.

“It would be a good fit for Credit Suisse,” Jonas Floriani, a London-based analyst at Keefe, Bruyette & Woods. He has a market perform rating on Julius Baer shares. “They would be acquiring some assets that are doing well, expanding in Asia and consolidating in Germany and Switzerland.”

Credit Suisse, Switzerland’s second-biggest bank, has been under pressure to focus more on managing money for the wealthy and reduce its exposure to investment banking. The Zurich-based bank earlier this year paid a fine of $2.6 billion to settle an investigation of helping its clients dodge U.S. taxes.

Julius Baer has said it expects to pay a penalty to settle its tax dispute and can’t reliably assess the size of the fine.

To contact the reporter on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net Simone Meier, Steve Bailey

Neuer Inhalt

Horizontal Line


subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.







Click here to see more newsletters

The citizens' meeting

The citizens' meeting

The citizens' meeting

Bloomberg