The Swiss bank is reportedly setting up an office in Berlin as part of a German expansion.

Zurich-listed Julius Baer declined to comment yesterday on a media report that it has set up shop in Berlin as part of a drive to expand in Germany, Europe’s largest economy.

Julius Baer, according to Private Banking Magazin, a German-language news service, said that Christian Liste, head of Bethmann Bank in Berlin, has joined Julius Baer with a team of colleagues. 

When WealthBriefing contacted Julius Baer on the matter, it did not comment.

At present, the bank operates in Düsseldorf, Frankfurt, Hamburg, Kiel, Mannheim, Munich, Stuttgart, Würzburg. From the summer, it reportedly will open an office in Hannover.

Germany’s private banking market is large; players such as Deutsche Bank and the private banking arm of ABN AMRO have significant footprints; this publication has been told that the market is a tempting proposition for new entrants. It is also home to a cluster of old, small private banks and family offices. To see a profile of the country’s market by this publication, click here.