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. Last Updated: 07/27/2016

JPMorgan Hunts for Clients in Russia

JPMorgan Chase's Swiss wealth manager will hunt for new clients in Eastern Europe and Russia to boost assets that exceeded $25 billion last year, said Pablo Garnica, head of the private bank in Geneva.

"There are lots of entrepreneurs in those countries making a lot of money, and although people have been looking, no one has been serious about it yet," said Garnica, managing director of JPMorgan Suisse. The bank is boosting the number of bankers working on the Russian market and plans to cater to rising numbers of rich entrepreneurs in the region. Credit Suisse said in May that it would open a new Kiev office, and Sarasin plans to expand into the region in a venture with AIG Private Bank.

The number of people in Russia with more than $1 million in assets climbed almost 16 percent to 119,000 last year, a survey by Cap Gemini and Merrill Lynch showed in June.

"Every sign is that we should be looking at the region as a strategic move," Garnica said.