sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Mergers and Acquisitions »
 How can HR help with mergers and acquisitions?
 Here are the top 10 acquisitions to have happened in India
 The difference between mergers and acquisitions
 Mergers and acquisitions: Know what rights you have as employees
 Deals of the day-Mergers and acquisitions May 8, 2018
 Motherson Sumi plans 3 acquisitions in 6 months
 How tax reform is expected to alter the mergers and acquisitions landscape
  Metro Cash and Carry eyes acquisitions to aid digitization plan
 Metro Cash and Carry eyes acquisitions to aid digitization plan
 Deals Of The Day-Mergers And Acquisitions May 1, 2018
 Deals of the day-Mergers and acquisitions APRIL 26, 2018

Swiss bank JB may start Indian ops, eyes acquisitions
May, 10th 2011

Swiss private bank Julius Baer is considering various options to start an onshore office to target rich clients in India and is not ruling out an acquisition to enter one of the world's hottest markets for millionaires.

"We are seriously contemplating to open an onshore entity in India," Thomas Meier, Julius Baer's chief executive for Asia and the West Asia and a member of the bank's executive board, told Reuters in an interview in Singapore.

He said the bank believes an onshore approach has become essential for key markets like India, where there is an increased demand for local financial products.

"You see a big flow of funds (going) back into India attracted by the phenomenal growth and this is likely to continue," Meier said.

In order to tap money going back into India as well as Indian domestic clients, the Swiss lender needed a proper licence to operate in India, he added.

Currently, Julius Baer has teams of private bankers in Singapore, Dubai and Zurich to handle rich non-resident Indians.

In Asia, it has large operations in Singapore and Hong Kong that cater to both domestic and offshore clients as well as an onshore presence in Jakarta for Indonesia's wealthy. Julius Baer has a representative office in China.

He said one of the options is to obtain a non-bank financial company's (NBFC) licence.

An NBFC licence allows an institution in India to engage in the business of loans and advances, acquisition of shares, stock, bonds, debentures and securities.

Meier said he would not exclude an acquisition in India, citing Julius Baer's recent purchase in Brazil of Sao Paolo-based GPS, the country's largest independent wealth manager.

Global players such as Credit Suisse, Standard Chartered, Barclays and many local players are aggressively expanding in India, aiming to hire hundreds of bankers between them to boost growth.

The number of US dollar millionaires in India and their collective wealth rose by more than 50% in 2009, according to Capgemini and Merrill Lynch. There were 126,700 millionaires in India at the end of 2009.

Only about a tenth of an estimated $477 billion worth of wealth held by Indian millionaires is managed by professional advisers, industry executives have said.

Julius's Meier said the bank is confident it can do well in India as it has built up a strong Asian business since 2006 despite cut-throat competition from rivals.

"My business is profitable," he said, but declined to give details. "Any business case in the end would like to turn (a) profit after three to four years and despite a rather difficult year in 2008, we managed to achieve what was expected from us."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions