Julius Baer secures regulatory clearance for new office in Portugal

Core Viewpoint - Julius Baer has received regulatory approval to establish a new branch in Lisbon, Portugal, enhancing its presence in the European wealth management market [1][4]. Group 1: Expansion Plans - The new office will be located at Avenida da Liberdade 196 and will cater to ultra-high and high-net-worth clients through a locally based team [2]. - The initiative to enter the Portuguese market began in 2019, with a senior team tasked with market development from Madrid [2]. - The relocation to the Lisbon office is scheduled for January 2026, at which point the existing team will move to the new location [2]. Group 2: Leadership and Commitment - Carlos Recoder, co-head of Bank Julius Baer & Co Western Markets & Switzerland, expressed excitement about establishing a local presence in Lisbon, emphasizing the firm's commitment to the Portuguese market [3]. - The firm aims to strengthen its position as a leading wealth manager in Europe by expanding its network [3]. Group 3: Recent Developments - In May, Julius Baer appointed Shui Wei HO and Vi Sun YANG as market heads for South East Asia [4]. - In June, the company announced financial goals for the next three years, including cost reductions of SFr130 million (approximately $159 million) by 2028 [4].