Swiss private bank Julius Baer has won a court case in Singapore against two former clients who were seeking a CHF90 million ($92.7 million) claim for alleged damages and losses incurred by the bank resulting from share accumulator transactions in 2007 and 2008.
Julius Baer said in a statement on Tuesday that the High Court of Singapore had dismissed the case by consent.
Two former clients of the Zurich private bank’s Singapore branch filed the writ of summons with the court in 2013.
The plaintiffs claimed they suffered damages and losses allegedly incurred from share accumulator transactions in 2007 and 2008. They had demanded 94 million Singapore dollars and 186 million Hong Kong dollars. Julius Baer had contested the charges.
Julius Baer has been expanding in Asia, attracted by the growing number of wealthy people. Private wealth in the Asia-Pacific region surpassed that of North America for the first time in 2015, according to a report by Cap Gemini.
Last week Julius Baer announced that Asia may overtake Europe as its biggest revenue-generating region, as the Swiss wealth manager steps up hiring in Hong Kong and Singapore.
More than half of about 200 new bankers that Julius Baer plans to hire this year will be based in Asia.
Asia represented CHF532 million of Julius Baer’s operating income in 2015, compared with the CHF2.2 billion from Switzerland and the rest of Europe. But the share of revenue generated in Asia has been growing fast, doubling to about 20% of the total last year from about 10% in 2011.
swissinfo.ch with agencies