Julius Baer, the listed Swiss private bank, is to open a
representative office in Tel Aviv, Israel, early next year, according
to Globes, a business publication. The office will have around a dozen
employees, the publication said.

Dan Sagui will manage the bank's Israeli operations out of
its Zurich
office, and Ran Heistein will run the bank's representative office in Tel Aviv,
it said.

"After an extensive examination, we see potential in
the developed Israeli market ... which provides us with an excellent
opportunity to deepen our circle of Israeli clients and the variety of services
that we provide them," Gustavo Raitzin, a member of the executive board at
Julius Baer, said.

"The decision and commitment to launch operations in Israel
by Julius Baer, one of the most prestigious brands in wealth management, is
recognition of the value of the Israeli market, and confidence in its ability
to grow and thrive, as well as its economic and social potential,” Sagui was
quoted as saying.

Julius Baer has been expanding its footprint lately. Last
week, the bank announced it was opening a representative office in Shanghai, China.
The bank named former-Credit Suisse executive Yan Sun as the chief
representative officer. She reports directly to Thomas Meier, chief executive
of Asia and a member of the executive board.

To view a recent article about Israel as a wealth management market,
click here.