Julius Baer still has cash to make purchases after settling tax probe

Geneva

JULIUS Baer Group Ltd should have cash to purchase rivals even as it prepares to settle a four-year probe into tax evasion by the US Justice Department.

Switzerland's third-largest wealth manager said last month it set aside US$350 million to fund a financial agreement over the bank's role in helping Americans hide money offshore. That would leave it with almost US$1 billion of excess capital that could be tapped for deals.