Swiss private bank Julius Baer reportedly has plans to set up business in China in partnership with a local financial firm as part of its strategy to boost growth in Asia, according to Reuters.
Reports state that Julius Baer aims to establish a majority-owned joint venture to tap the rapidly growing wealth in the country and has started looking for a partner.
If successful, Julius Baer will be the first major private bank to set up a wealth management joint venture in China.
This comes as China continues to open up its financial services markets to international companies.
