Julius Baer C Suisse takeover rumour resurfaces

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Julius Baer jumped Wednesday to the highest since it began trading in its current form more than five years ago, amid speculation that Credit Suisse is interested in buying the private bank.

Bloomberg News reports that the company, listed after splitting off its asset management business in October 2009, rose as much as 5.1% to 52.15 Swiss francs. It traded at 51.70 francs as of 3:18 p.m. in Zurich.

'It’s just a rumor that comes out every three months, and a part of the market believes it', said Benno Galliker, a trader at Luzerner Kantonalbank.

'Swiss private banking is going through a tough moment, so there’s certainly some interest to consolidate the business', he said. But Julius Baer 'still has the tax issues with the U.S., and as long as this issue is ongoing I don’t think anyone wants to buy Julius Baer'.

To access the complete Bloomberg News article hit the link below:

Julius Baer Jumps on Credit Suisse Takeover Speculation

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