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Report: Julius Baer seeks license to launch Colombia operations in Q1'17

Switzerland-based Bank Julius Baer & Co. Ltd. plans to launch operations in Colombia in the first quarter of 2017 once it obtains a license from the local banking regulator, Portafolio reported Dec. 15.

The Swiss bank first aims to obtain a representation license to act as a bridge for foreign investors in Colombia, but could expand its operations in the future to offer wealth management services to local clients, including stocks, bonds and mutual funds, the report said.

Bank Julius Baer, which is focused on serving the wealthiest 2% of the population, manages assets totaling some $400 billion worldwide, which compares to Colombia's financial system, which has total assets of about $455 billion, the report said.

A spokesperson for Julius Baer did not immediately respond to S&P Global Market Intelligence's request for comment.