Sept. 2 (Bloomberg) -- Credit Suisse Group AG and Julius Baer Holding AG will consider acquisitions to build their private banking units, according to executives at the Zurich- based banks.

“We’re clearly ready to acquire if the target is close to our own business model,” Walter Berchtold, head of Credit Suisse’s wealth management division, told journalists today at a private banking conference in Zurich. “We look at all sorts of targets.” He declined to say whether Credit Suisse will bid for ING Groep NV’s private-banking units in Asia and Switzerland.

Julius Baer, DBS Group Holdings Ltd. and Australia & New Zealand Banking Group Ltd. are among the potential buyers of ING’s private-banking operations, three people familiar with the matter said last week. Credit Suisse made a preliminary offer and isn’t sure whether it will enter the final round of bidding, one of the people said.

Credit Suisse has decided not to make an offer, the Wall Street Journal reported today, citing unidentified people familiar with the situation.

“There are lots of things on the market right now; it’s going to be a very interesting six to 12 months,” Boris Collardi, chief executive officer of Bank Julius Baer, said at the same conference. “If the regulatory environment becomes clear again, they won’t be in the market.”

The sale of private banking assets in Asia, home to the world’s two fastest-growing major economies, may attract buyers seeking to expand their wealth-management operations in the region.

Asian ‘Driver’

Asia will be the main “driver” of growth in private banking, Berchtold said.

The number of people in China with at least $1 million to invest surpassed that of the U.K. last year, giving it the world’s fourth-biggest population of so-called high net worth individuals, according to the 2009 World Wealth Report by Cap Gemini SA and Merrill Lynch Wealth Management.

Julius Baer is hiring more relationship managers, said Collardi, adding that Swiss private banks need to do “a better job on performance.”

To win more market share in wealth management globally, Credit Suisse will continue to hire client advisers and will aim to gain more business from existing customers by offering new products, Berchtold said.

“Clients are still quite conservative” in their investments, he said. “We’ve seen over the past two to three months more interest for structured products, especially in fixed income.”

To contact the reporters on this story: Elena Logutenkova in Zurich on elogutenkova@bloomberg.netWarren Giles in Zurich at wgiles@bloomberg.net

Last Updated: September 2, 2009 07:42 EDT