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Swiss private bank Maerki Baumann secures German advisory license

German financial market supervisory authority Bafin has granted a license to Switzerland-based private bank Maerki Baumann & Co. AG to advise clients in Germany under the so-called simplified exemption procedure, Finanz und Wirtschaft reported.

The procedure allows Swiss banks direct access to the German market without having local representation or using a German-licensed intermediary to acquire new clients in the country.

Maerki Baumann is the second Swiss asset manager to receive a license under the simplified exemption procedure, which Switzerland and Germany agreed upon in 2013 in a move to enhance their cross-border cooperation, the report noted. First to receive such license in late 2017 was Swiss investment fund Reichmuth & Co. Investmentfonds AG, according to Finanz und Wirtschaft.