Bank Julius Baer & Co. Ltd. has launched a search to find a replacement for Gustavo Raitzin, the head of the bank's Latin American operations since 2005, Reuters reported, citing "two sources familiar with the matter."

Raitzin, who is nearing 60 years of age and is seeking a change, knows of the search process, the newswire's sources said. The search is part of succession planning at the Swiss private bank and does not mean that a replacement for Raitzin will be named immediately, according to one of the sources.

Despite some political uncertainties, Julius Baer sees "significant growth potential" in much of Latin America and is looking to grow its operations in the region, the bank said in its half-year report published in July.

Bank Julius Baer is a unit of Julius Bär Gruppe AG.