Mar 23, 2023
Julius Baer CEO Says Balance Sheet Is Rock Solid, Highly Liquid
(Bloomberg) -- Julius Baer Group Ltd., the Zurich-based private bank, said it’s on sound financial footing and isn’t facing the same kinds of risks that other banks face after the collapse of Credit Suisse Group AG on Sunday.
“Julius Baer’s balance sheet is rock solid and highly liquid,” Chief Executive Officer Philipp Rickenbacher said this week in a letter to clients seen by Bloomberg News. “We are strongly capitalized, adhere to the highest risk-management standards and are committed to transparent financial reporting.”
The CEO said he supported UBS Group AG’s acquisition of Credit Suisse, a takeover agreement reached in cooperation with Swiss authorities to avoid a wider financial crisis. Credit Suisse fell victim to a series of scandals, public legal battles and mounting losses.
A representative for Julius Baer didn’t immediately respond to a request for comment after regular business hours in Zurich.
The UBS deal was “conducive to strengthening the necessary confidence in the banking system,” Rickenbacher said, adding that his firm’s business model doesn’t expose it to some risks other banks may face. “This allows our management team to have a laser focus on making sure our bank navigates through this turmoil with utmost safety.”
Julius Baer said in February that it posted better-than-expected inflows last year amid massive withdrawals at Credit Suisse.
--With assistance from Myriam Balezou, Annie Massa and Eyk Henning.
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