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Zurich wants to buy its Italian subsidiary, Julius Baer

Zurich wants to buy its Italian subsidiary, Julius Baer

Bank Julius Baer has long wanted to separate from its Italian asset management subsidiary. Now the evidence is mounting. The buyer must be Zurich Insurance Company.

Swiss insurance group Zurich is said to be preparing a bid for Kairos. The Italian newspaper reported that a binding offer would be submitted by mid-October «Milan Finanza» (Item is subject to payment) Thursday, citing anonymous sources.

The report continues that the value of Julius Baer’s Italian asset management company ranges between 40 and 50 million euros. Julius Baer refused To make a statement. They said they do not comment on speculation.

Continuous speculation

At the beginning of August, the Milan business newspaper had already reported another party interested in Julius Baer’s 70 percent stake in Kairos. At the time, sales negotiations were reported with Italian company Banca Patrimoni Sella & C.

The remaining 30 percent of Kairos’ capital is owned by a number of Kairos’ directors, some of whom are also founders of the company.

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