Julius Baer, the independent Swiss private bank and asset manager, has been granted a licence by Banca d'Italia, the Italian central bank, to start a private banking operation in the country.

Julius Baer Group and Credito Valtellinese (Creval) banking group signed an agreement last November to start a private banking operation, called Julius Baer Creval Private Banking. Julius Baer owns 51% of the joint venture and Creval owns the rest.