By Nathan Allen

Julius Baer Gruppe AG (BAER.EB) said Thursday that it will enter a joint venture with Siam Commercial Bank PCL (SCB.TH) to provide wealth-management services to customers in Thailand.

Julius Baer will initially hold 40% in the joint venture, with the option to increase its stake to 49% over time, the company said.

The move will give Julius Baer access to the fast-growing Thai wealth market, which is currently valued at around $300 billion, the company said.

Neither company disclosed financial deals and the joint venture is subject to regulatory approvals.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

March 08, 2018 01:18 ET (06:18 GMT)

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