Julius Baer goes on takeover trail

Zurich

SWISS private bank Julius Baer is again looking for acquisitions now that a final settlement of US allegations that it helped rich Americans dodge tax is within reach.

Provisions for the US$547 million settlement, which has been approved by the Department of Justice but still needs a formal sign-off from a US court, contributed to a profit fall of around two-thirds at Switzerland's third-largest listed bank in 2015.