As demonstrated by the arrival of law firms catering to wealthy individuals, and the activities of home-grown and other banks, the competitive environment in Italy appears to be intensifying.

Julius Baer announced yesterday that it has received regulatory approvals to enter Italy’s onshore market and open a branch in Milan, joining a trend of wealth managers and law firms in stepping up activity in the country.  

The branch, which is expected to open in the first half of 2025, will serve Italian ultra-high and high net worth clients, as well as family offices, with a dedicated local team, the Zurich-listed private bank said in a statement yesterday. 

The new branch is part of Bank Julius Baer Europe SA in Luxembourg (Julius Baer Europe). Julius Baer Europe has already established presences in Dublin, Madrid, and Barcelona. It also has locations in Bangkok, Dubai, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Mexico City, Monaco, Mumbai, Santiago de Chile, Shanghai, Singapore, Tel Aviv, and Tokyo.

The bank has appointed Roberto Coletta to head the branch; he joined Julius Baer in September 2024 from Deutsche Bank, where, since 2022, he was head of the private banking operation in Italy. Before joining Deutsche Bank in 2019, he spent six years at Credit Suisse, where his last position was head of the market area for UHNW clients in Italy.

In his new role, Coletta will report to Falk Fischer, CEO Bank Julius Baer Europe SA.

Italy’s profile as an HNW and UHNW jurisdiction is rising. 

Charles Russell Speechlys has opened a new office in Milan. Italy has a residency system aimed at HNW and UHNW clients; its status contrasts with the UK, which is scrapping the residential non-domicile regime and abolished Tier 1 Investor Visas in 2022. Italy recently changed its residency system for HNW individuals. Italy's scheme has been around since 2017. In 2024 the government in Rome approved a measure that doubles a "flat tax" applied on income earned abroad by HNW people moving their tax residence to Italy to €200,000 ($218,220) per annum. In December 2023, Boies Schiller Flexner, the law firm that advises high net worth individuals among its clientele, opened an office in Rome.

Among the banks operating in Italy with private banking and wealth operations is Rothschild & Co (see a story here); UBS – with offices across the country; BNP Paribas; local players such as UniCredit; and Mediobanca, a Milan-headquartered firm which recently announced financial results. The arrival of Julius Baer suggests that the competitive environment in Italy is heating up.