Julius Baer is boosting its Latin American business by making a number of hires from HSBC, which is reportedly divesting a book of LatAm business to Banco Santander.

Julius Baer has recruited a handful of private bankers from HSBC to grow its Latin American business, Bloomberg reported.

The Swiss firm declined to comment on the hires when contacted by this publication.

The private bankers are reportedly based in Monaco and Switzerland, according to one of three people with knowledge of the matter, Bloomberg said. Last month, Alain Ucari was - as reported here - appointed as chairman of Julius Baer in Monaco, with Albert Henriques from HSBC replacing him as chief executive of the Monaco business.

This publication understands that additional bankers will join Henriques in Monaco, including a dedicated LatAm team. 

According to Bloomberg, HSBC is in the process of divesting a portfolio of LatAm client assets in Switzerland to Banco Santander, as the British lender restructures its private bank. The deal may include $4-6 billion of assets under management, the news service added, citing people with knowledge of the matter.