Julius Baer in Talks With Santander Over Venezuela Business: Sources

Julius Baer in Talks With Santander Over Venezuela Business: Sources
A sign of Swiss private bank Julius Baer is seen on the top of a building at sunset on Sept. 30, 2018 in Geneva. Fabrice Coffrini/AFP/Getty Images
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ZURICH—Swiss private bank Julius Baer is in talks about transferring its Venezuelan book of business to Spain’s Banco Santander as Baer reorganizes operations in Latin America, sources close to the situation have told Reuters.

Baer said in October it was closing its branches in Peru and Panama as part of its effort to focus on larger markets in the region such as Mexico, Brazil, and Argentina.