Julius Baer Creval Private Banking S.p.A. to start operations after go-ahead from Banca d'Italia. Appointed General Manager
Milan, May 15, 2003 - Julius Baer Creval Private Banking S.p.A., a joint venture between the Julius Baer Group and the Credito Valtellinese banking Group, has obtained approval from Banca d'Italia to launch its private banking operations in Italy. Both partners signed the set-up agreement in November, 2002. Maurizio Sella heads the new company as CEO.
Maurizio Sella, who has been working with Banque Julius Baer & Cie. SA in Geneva since last year, graduated in Economics from the University of Rome. He has spent much of his career in the principal financial centres in the world, holding high level positions in the private banking sector of major international banks.
The Julius Baer Group boasts great expertise and experience in the private client arena. For over 100 years it has been at the forefront of private banking activities skilfully coordinated from Switzerland by members of the Baer family from generation to generation. As of December 31, 2002, in fact, on a total amount of assets of SW Fr 106 billion managed by the Julius Baer Group the contribution of Private Banking was SW Fr 55 billion.
As the General Manger of Julius Baer Creval Private Banking S.p.A., Sella will be at the head of a company which combines the Julius Baer's long-standing expertise in the private client relationships with the distribution network and administrative infrastructure of the Creval Group.
Based on the respective Swiss competence and philosophy in the fields of asset management and financial consultancy, the company aims at offering high-quality private banking services as a benchmark in the Italian market. The official business operations will start on June 1, 2003. The company headquarters are in Milan.
Of the € 15 million share capital of Julius Baer Creval Private Banking S.p.A., 51% will be held by Julius Baer and 49% by the Credito Valtellinese. The Board of Directors of the new company is as follows: Giovanni De Censi (Chairman), Thomas Baer (Vice Chairman), Renato Bartesaghi, Raymond Baer, Miro Fiordi and Filippo La Scala (Members of the Board).
The Credito Valtellinese banking network is made up of 301 branch offices. There are currently 2,951 employees working with the Group. The Credito Valtellinese 2002 consolidated balance sheet recorded excellent results and positive performances in any branch of activity. As of December 31, 2002, direct deposits were up 11.4% at € 7,860.1 million; indirect deposits stood at € 8,496.5 million (+9.7%) and sums receivable from customers at € 6,664.5 million (+14.3%).
The combination of the Julius Baer's long-standing expertise with the streamlined branch network made available by the Credito Valtellinese banking Group will make it possible to meet the needs of the most demanding clients in Italy by offering leading private banking financial services.
