The prospectus for the sale was handed to potential investors last week, the news service said, with a 16 August deadline set for a first round of non-binding solicitations.

The German bank did not comment on this issue when contacted by WealthBriefing.

Julius Baer's chief executive Boris Collardi reportedly recently said his institution would be interested in the acquisition. Other candidates could be Liechtenstein LGT Bank, which is owned by the Princely House of Liechtenstein, as well as banking giants such as Santander Bancorp of Spain and BNP Paribas, the service added.