The deal will see the two organisations cross-refer clients as well as undertake various joint marketing activities. BoC’s Swiss operation will also be integrated with Julius Baer.
Under the terms of the agreement, BoC will refer clients with international private banking needs outside the Chinese Mainland to Julius Baer, while clients of Julius Baer requiring banking services will be referred to BoC.
The two companies said they also envisage cooperation in product distribution and financial market research as well as certain joint initiatives including investment conferences.
Julius Baer chief executive Boris Collardi said: “The cooperation with Bank of China will lead Julius Baer to partner with one of the top players in Chinese Mainland and internationally.
“In addition, in future the partnership offers the potential for Julius Baer to gain further access to Chinese Mainland, one of the world’s most important and fastest-growing wealth markets.”
Meanwhile, Julius Baer also released its first half results today, revealing assets under management of CHF179bn (£120bn, $190bn) – a “record high” for the company, as well as a net profit of CHF221m for the period.
