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Julius Baer opens branch in Indonesia
Swiss-based top financial firm Julius Baer has opened a branch in Indonesia, PT Julius Baer Advisors Indonesia, despite the global financial crisis, as part of its strategy to expand in southeast Asia
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Swiss-based top financial firm Julius Baer has opened a branch in Indonesia, PT Julius Baer Advisors Indonesia, despite the global financial crisis, as part of its strategy to expand in southeast Asia.
Julius Baer's CEO for Asia, the Middle East and Eastern Europe, Thomas R. Meier, said Tuesday the Indonesian branch would enable the firm to identify new investment opportunities and give advice to clients from the region.
"The establishment of a presence in Jakarta is an important element of our growth strategy, which continues to be supported by Julius Baer's sound capitalization and balance sheet," Meier said.
"The opening demonstrates our commitment to the region and we expect to further leverage Julius Baer's existing global strengths to benefit all our clients," he added.
Julius Baer opened its branch in Singapore, two years ago. It was named the fastest-growing financial institution in the country last year.
The global financial crisis does not seem to be stopping large financial institutions from opening branches in Indonesia, Southeast Asia's largest economy.
Last week, U.S. financial giant Morgan Stanley opened a branch here.
Salina Nordin, president director of Julius Baer Advisors Indonesia, said the firm would benefit Indonesia, after securing a license from the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK).
Julius Baer, a "pure-play" private bank without an investment banking arm, has managed to avoid the massive U.S. subprime mortgage crisis which has been hitting its rivals.
Julius Baer was founded in 1980 by famous banker Julius Baer. The firm's services include asset management, wealth management, investment consultation and investment funds for both private and institutional investors and securities, as well as foreign exchange trading.
With more than 4,200 employees worldwide, it was managing more than 360 billion Swiss francs (US$310.39 billion) by the end of June.
