"By opening a branch in Brig, we will be able to further enhance our strong position in our home market and to offer compelling service and advice both to Swiss clients and to international visitors to the region,” said Rémy Bersier, the bank’s chief executive for the French-speaking part of the alpine state.  

The new branch will be managed by Marcel Kalbermatter who joins from UBS, where he held a number of senior positions and was most recently head of its Brig operation.

Working with relationship managers Roger Petrig and Michele Massimi, he will offer advice and wealth management solutions to Julius Baer’s clients in the region. The new branch complements the activities of the existing regional offices in Crans-Montana, Sion and Verbier.

Last month, Julius Baer said it would divide its private banking and asset management businesses into two independently listed companies, saying this would enhance both businesses’ ability to deliver their full strategic potential.

"In light of the challenges that many financial services business models are confronted with currently, we are convinced that both entities will benefit from their sharpened focus and the absence of competing interests," chairman Raymond Baer said.

The bank’s asset manager also purchased Milanese firm Alpha SIM in May, enhancing its own base in the Italian city. Alpha SIM has around €400 million ($558 million) of assets under management and the acquisition is scheduled for completion in the second half of this year.