Julius Baer CEO expects M&A restrictions to be lifted next year, open to big acquisitions

[ZURICH] Julius Baer chief executive officer Phillipp Rickenbacher expects restrictions imposed by Switzerland's financial watchdog FINMA to be lifted next year, he told Swiss financial publication themarket.ch, adding Baer is open to big acquisitions.

Switzerland's financial markets watchdog FINMA in February prohibited Julius Baer from making large acquisitions after finding serious shortcomings in its past efforts to combat money laundering, appointing an auditor to review its measures to improve anti-money laundering compliance.

"The requirement will be reviewed next year and based on the measures we have taken, I am confident that we will be able to lift restrictions in 2021," Mr Rickenbacher said in the interview.

"Acquisitions have been one of our strengths in the past. They have made us the global bank that we are today, and acquisitions will continue to play a role in the future: We are open to big, transformational acquisitions."

FINMA did not immediately respond to a request for comment.

REUTERS