The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland, February 1, 2021.
MILAN - STARS ALIGNED. Julius Baer can go back on the M&A prowl. The Swiss financial watchdog has scrapped a ban on large acquisitions imposed because of severe anti-money-laundering failings, the wealth manager said on Wednesday. The decision comes at a good time for Julius Baer. The bank has nearly 1 billion Swiss francs in excess capital before hitting its self-imposed Common Equity Tier 1 floor of 11%. It’s also richly valued.
Boss Philipp Rickenbacher could use the bank’s expanded equity or borrow on the market to buy a sizable target, like Geneva bank Edmond de Rothschild or $2 billion Swiss-listed EFG International. The only caveat is that it should not create another onerous asset clean-up. Reuters Breakingviews is the world's leading source of agenda-setting financial insight.
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