Private bank Julius Baer Group AG (BAER.VX) said Tuesday it has broken off talks with Milan-based asset management company Mediolanum SpA (MED.MI) over private bank Banca Esperia.

"Julius Baer Group Ltd. confirms it has been in preliminary discussions with Gruppo Mediolanum, regarding Mediolanum's participation in Banca Esperia. Such discussions have been discontinued," Zurich-based Julius Baer said in a statement.

Earlier Tuesday, Mediolanum said several companies including Baer had expressed interest in Esperia, but ruled out a stake sale, denying an earlier press report.

-By Katharina Bart, Dow Jones Newswires; +41 43 443 8043; katharina.bart@dowjones.com

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