There is another Swiss giant wanting to compete in wealth management in Portugal – Markets

There is a new “player” in wealth management about to arrive in Portugal. Swiss bank Julius Baer plans to open an office in Lisbon next yearin order to respond to the movement of rich foreigners who make the country their home, according to Bloomberg.

According to sources familiar with the matter, the Swiss wealth manager is already handling all necessary regulatory approvals to operate in Portugal. Contacted by Bloomberg, Julius Baer’s official source declined to comment on the news.

The same source adds that, in total, 14 workers will be relocated, who are currently in Madrid. The team will be led by two former Credit Suisse employees: José Maria Cazal-Ribeiro and Gonçalo Maleitas.

The two managers left Credit Suise in Portugal in 2019, having left for Madrid to reinforce Julius Baer’s team, but keeping their eyes on the country.

In fact, at the time, the group explained, in a statement, that the objective of these hires was to “develop and grow” Julius Baer’s presence in Portugal, “through a cross-border basis”.

Recently, also the Union Bancaire Privée, based in Geneva, opened a branch in Portugal under the name UBP Lisboa, which will be co-led by Marcos Milhazes and Luís Cabral, as reported by Negócios this Monday.

Contacted by Negócios, the financial institution declined to comment, but it already has a banking license approved by the Bank of Portugal and, on its website, it indicates that it began its commercial activity in January 2024.

(News updated at 5 pm).