Switzerland: Federal Banking Commission Grants Julius Baer Licence For Online Bank
The Julius Baer Group
has set up a new subsidiary for online financial services. On
its own IT platform the new online bank will offer a range of
financial services for investors who want to deal in securities
or manage all or part of their assets themselves. Yesterday, the
Swiss Federal Banking Commission (FBC) granted a banking and securities
trading licence to the new company, which is wholly owned by Julius
Baer Holding Ltd. Julius Baer will launch its new online services
in the first half of 2001. With the establishment
of an online bank, the Julius Baer Group is expanding its existing
range of products for investors who want to make their own investments
decisions without recourse to advisory services. To begin with,
the range of services provided by the new venture will focus on
stock market transactions, payments and account/safekeeping account
administration via the Internet. The new online financial
services provider will have its own IT platform, which is completely
independent of all other Julius Baer Group systems and will make
extensive use of process automation, giving it a highly streamlined
infrastructure. Thanks to its flexible structure, it will be able
to respond rapidly to changing client and market requirements. Other Julius Baer
Internet activities In addition to the
online bank, Julius Baer offers other Internet based services
for various client groups. Through JBfundnet, launched this spring,
the Group's investment fund distribution partners in Switzerland
and abroad have access to the latest information on Julius Baer
funds via the Web. A wide range of research products was recently
made available to institutional brokerage clients on the Julius
Baer Brokerage website. Towards the end of the year, Julius Baer's
private banking clients will have the option of accessing their
account and safekeeping account details via the Internet. Within
a dedicated, closed user group, they will also be able to view
market and financial reports compiled by the Julius Baer Group's
global research departments and communicate via electronic mail
directly with their client advisers. Data security is the top
priority in all these projects, a fact which is reflected in the
use of separate systems for each. The range of services
offered by the Julius Baer Group includes portfolio management
and investment advisory services for private clients and institutional
investors, investment funds, brokerage as well as securities and
foreign exchange trading. Julius Baer employs some 2,150 staff
worldwide and on 30 June 2000 had assets under management in excess
of CHF 146 billion. .
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