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Julius Baer in talks to buy stake in Argentina's TPCG, reports

Julius Baer in talks to buy stake in Argentina's TPCG, reports

Julius Baer is in talks to acquire a minority stake in Argentinian financial services firm TPCG Group, according to reports.

The Swiss bank, which is looking to expand in Latin America, wants to buy a stake of about 20% in TPCG, Reuters reported on Friday, citing an anonymous source familiar with the matter.

Julius Baer would have the option to later buy a larger stake under the proposed terms. It's not certain a deal will be completed, but it could be announced as early as next week, according to Reuters

TPCG offers asset management and brokerage services to its clients, which include institutional investors according to its website. The deal would be valued at 1 to 2% of TPCG's assets under management.

Baer services Argentina from an office in Uruguay, which became part of its network when it acquired Merrill Lynch's international wealth management division in 2012.

The Swiss firm's expansion into Argentina depends on whether president Mauricio Macri can pass a reform to allow foreign wealth managers to work in Argentina, Reuters wrote.

Results of legislative elections in October could define if Macri will succeed in passing the measure.

Last year, Julius Baer said it wanted to expand its Latin American business and that it saw ‘significant growth potential’ in the region. In addition to its Uruguay office, the Swiss bank has an office in Chile, where it recently hired Daniel Rivas as an executive director and senior advisor.

 

 

 

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