By Meredith Loughran
In a press release on February 26, 2019, Julius Baer, a Swiss private banking group with Bank Julius Baer & Co., Ltd., which prides itself in client relationships built on partnership, continuity and mutual trust since 1890, has announced, in combination with Switzerland-based SEBA Crypto AG (SEBA), a close collaboration to provide their clients with access to new digital asset services.
Peter Gerlach, Head Markets and member of Julius Baer’s Executive Board of Directors states, “The investment into SEBA and the strong partnership are proof of Julius Baer’s engagement in the area of digital assets and underpin our dedication to provide our clients with pioneering innovations.”
Furthermore, Julius Baer has plans to extend its services to digital assets to “become a legitimate sustainable asset class of an investor’s portfolio,” while SEBA expects to close the regulatory gap between conventional and digital assets in a fully regulated environment.
The partnership will become effective upon the granting of the FINMA banking and securities dealer license to SEBA.
Based on their 2018 full-year results for the Julius Baer Group, their adjusted net profit for the Group increased from CHF 806 million to CHF 810 million. If the banking license from FINMA is granted, SEBA would then be allowed to offer a full range of private, corporate and institutional banking products and services which would facilitate a new generation in traditional financial assets as well as a secure storage and trading gateway for crypto-based assets.
Peter Gerlach is expected to be presented to the shareholders for a seat on the SEBA Board of Directors at their Extraordinary General Meeting in mid-March, 2019.
“We are delighted to propose Peter Gerlach as a new member of our Board of Directors,” states SEBA CEO, Guido Bühler. “He compliments the Board with extensive financial and market knowledge and a broad international network.”
Julius Baer and SEBA Crypto AG collaborate to bring traditional banking and digital asset services to their clients
By Meredith Loughran