Julius Baer to open bank in Portugal

The second largest Swiss bank specialising in managing private fortunes, Julius Baer Group AG, is to open a bank in Portugal in 2025.

It comes after a Portuguese team of ex-Credit Suisse specialists had been in Madrid to monitor the Portuguese market and is in the process of getting the necessary licences to run the bank.
The team will be led by José Cazal-Ribeiro and Gonçalo Maleitas Correia, which will return to Lisbon and follow the Portuguese fortune management market from Lisbon.
According to Bloomberg, Julius Baer will open the office in mid-2025 to attract the wealthiest clients in Portugal.
A source at the bank told Jornal Económico that the services would be for clients with fortunes of over €1 million or HNWIs and UHNWIs with fortunes of €30 million or more through a team-led approach with specialised skills to manage these fortunes in a global way, meaning not just the money itself, but all types of patrimony in a holistic approach, unlike the services offered by a wealth management professional.
The bank’s goal is to become a flagship in wealth management in Portugal, competing with other Swiss banks, like, for example, EFG Bank that is already in Portugal.