Switzerland's Julius Baer looking to sell Brazilian operation, sources say
By Luciana Magalhaes
SAO PAULO, Nov 6 (Reuters) -Swiss private bank Julius Baer BAER.S has tapped Goldman Sachs GS.N to advise on the sale of its Brazilian operation, according to three people familiar with the matter.
One of the sources, who is considering a bid, said the deal could be worth between $100 million and $150 million.
Julius Baer and Goldman Sachs declined to comment.
With a focus on wealth management, Julius Baer Group is present in about 25 countries, with 60 locations worldwide.
At the end of June 2024, its assets under management totaled 474 billion francs ($541 billion).
According to its website, Julius Baer has three offices in Brazil: Sao Paulo, Rio de Janeiro and Belo Horizonte.
One of people familiar with the matter, who asked not to be named because the talks are private, said Goldman Sachs has already reached out to some of the largest Brazilian banks to gauge their interest in the Swiss group's local unit.
Reporting by Luciana Magalhaes
Editing by Brad Haynes and Christina Fincher
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