The Swiss private bank Julius Baer has received a banking licence from the Hong Kong Monetary Authority, allowing it to offer a wider range of products and services to clients in the territory.

The bank is growing Asia into its second home-market. Over the four years since the company established itself in Hong Kong, it has expanded significantly and now has a network of professionals there providing various financial services and products. According to the latest Capgemini/Merrill Lynch wealth survey, the number of wealthy Asians went up by 26 per cent to three million in 2009, creating a huge demand for wealth management specialists.

"Julius Baer's commitment to Hong Kong is steadfast and our investments in the region will continue. The company now employs about 400 people in Asia. Julius Baer plans to open a representative office in Shanghai and a trust company in Singapore, upon application and regulatory approvals," said Dr Thomas Meier, chief executive for Asia.

The bank is looking to increase Asia's share of its total assets under management from the current 10 per cent to 25 per cent over the next three to five years.