The Julius Baer Group, the 120-year-old Swiss private bank, expects to double its staff strength in Asia and Singapore will stand to benefit the most from this expansion. They want to have more staff in the Singapore branch. The bank is planning a Hong Kong booking office by the end of this year,
as well as a representative office in Shanghai and a trust company in
Singapore by next year. Right now the staff in Asia count for around 10% of the total staff of the bank but this is expected to increase to around 20% very soon. "Asia's net worth of high net worth individuals has surpassed that of
Europe. We are looking at close to US$10 trillion ($13.4 trillion) of
net worth that would like to be managed in a professional way," said Dr
Thomas Meier, Julius Baer's chief executive for Asia and the Middle
East.Forbes magazine, every year, has statistics on the number of millionaires around the world, and the number in Asia keeps on increasing every year and big banks around the world are noticing this and making more inroads to the Asian region. The future is looking very bright for the Asian region, not only will it help the banks, there are going to be more recruits for this region and the economy here will benefit more too.
Source: http://www.todayonline.com
Image: LuMaxArt
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