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Julius Baer in talks with Santander over Venezuela business: sources

Reuters  |  ZURICH 

(Reuters) - Swiss Julius is in talks about transferring its Venezuelan book of business to Spain's as reorganises operations in Latin America, sources close to the situation have told

said in October it was closing its branches in and as part of its effort to focus on larger markets in the region such as Mexico, and

A source familiar with the situation, who asked not to be identified, said on Saturday that talks with over Baer's Venezuelan book of business were under way but had not yet been concluded.

Last month, another source told on condition of anonymity that was talking to about taking over some of the Swiss bank's clients in

A third source said a potential deal would not involve the transfer of any portfolio or assets, but rather come as referral agreement where the Spanish could access Baer's clients.

A for the Spanish declined to comment.

Switzerland's newspaper reported on Saturday that Baer had ended ties in April with hundreds of clients in with less than $1.5 million each in assets, and that the remaining clients there had more than $20 million each in assets.

Santander has not operated in since agreeing in 2009 to sell its stake in to the country's government for 1.05 billion euros ($1.19 billion).

Baer's possible exit from Venezuela follows legal proceedings involving a former in The bank itself has not been charged with any wrongdoing.

Matthias Krull, a former vice-chairman, was sentenced to 10 years in in October after pleading guilty for his role in a billion-dollar scheme to launder money embezzled from Venezuelan company

($1 = 0.8790 euros)

(Reporting by Michael Shields in and Jesus Aguado Gonzalez and Carlos Ruano in Madrid)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, December 08 2018. 20:41 IST