![]() ![]() ![]() Although Julius Baer does say that it is planning to open marketing offices in central and eastern Europe and in Latin America, and to make better use of its existing branch in Dubai and Banco di Lugano's tiny office in Singapore, Mr Soudah thinks that these moves and UBS's stake will deter a takeover attempt by a big international bank only for a couple of years. “Baer is only putting off addressing the strategic question of an international network,” says Ray Soudah of Millenium Associates, an investment-banking boutique. Its new acquisitions all operate in different regions of the stagnating home market: Ehinger & Armand von Ernst in German-speaking Zurich Ferrier Lullin in Francophone Geneva and Banco di Lugano in the capital of the Italian-speaking Ticino canton. Even so, the bank's purchase will not solve a basic problem: it has precious little in Asia and other areas of high growth for private wealth management. ![]()
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