Julius Baer and Siam Commercial Bank to Establish Joint Venture
By Nathan Allen
Julius Baer Gruppe AG (BAER.EB) said Thursday that it will enter a joint venture with Siam Commercial Bank PCL (SCB.TH) to provide wealth-management services to customers in Thailand.
Julius Baer will initially hold 40% in the joint venture, with the option to increase its stake to 49% over time, the company said.
The move will give Julius Baer access to the fast-growing Thai wealth market, which is currently valued at around $300 billion, the company said.
Neither company disclosed financial deals and the joint venture is subject to regulatory approvals.
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(END) Dow Jones Newswires
March 08, 2018 01:18 ET (06:18 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.