Boost for SA as second Swiss bank plans local office
The Swiss banks’ entry offers a vote of confidence in President Cyril Ramaphosa’s administration
Bank Julius Baer, one of Switzerland’s oldest and largest banking institutions, has become the second Swiss private bank in as many weeks to announce its plans for operations in SA. The 128-year-old private bank, which is listed in Switzerland and manages more than $400bn for its clients, officially launched its SA office on Wednesday. It joins the 222-year-old Lombard Odier, which two weeks ago said it had been licensed to provide advisory services in SA and would be targeting high net-worth individuals who want to diversify their portfolios offshore. The Swiss banks’ entry offers a vote of confidence in President Cyril Ramaphosa’s administration, which has focused on cleaning up corruption and turning around loss-making state-owned enterprises. Despite an initial rise in business and consumer confidence following his election, the country slipped into recession in the second quarter for the first time since 2009. “We believe there will be a turnaround in the current economic situa...
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