Julius Baer CEO tells AGM still looking at acquisitions

[ZURICH] Swiss private bank Julius Baer is still eyeing possible purchases to boost its business, its chief executive told shareholders on Wednesday.

"We want to profit from the ongoing industry consolidation if opportunities arise," Boris Collardi told Zurich-based Baer's annual general meeting, according to prepared remarks.

"But all that glitters is not gold, so in the future we will continue to very carefully scrutinise and consider whether potential takeover candidates meet our strict strategic, cultural and financial criteria."

Chairman Daniel Sauter said the turbulent start to 2016 in global markets showed private banking is a cyclical business and will remain so.

REUTERS