Rumours the Julius Baer is looking to acquire EFG International have been dismissed by the Zurich-headquartered private bank and its principal shareholder, EFG Bank European Financial Group.
In a media statement on 13 December, EFG cited “multiple recent media articles on this topic are false, unfounded and misleading”.
“No transaction discussions are taking place between EFG Bank European Financial Group and Julius Baer,” it added.
The statement, however, does not explicitly say that discussions are not ongoing with other parties.
In October, EFG received approval to open an advisory office in the Dubai International Financial Centre, which was due to be fully operational by 11 December.
Earlier this year, the private bank opened an advisory branch in Lisbon.