Julius Baer, founded in 1890, is considered one of the most esteemed and famous banking institutions in Switzerland. The group specializes in private banking, including managing the wealth of particularly rich families,
and has representatives in more than 20 countries around the world.
The bank opened its first office in Israel in early 2012 with 12 employees.
Barak announced his decision to retire from political life before the 2013 Knesset elections. He is expected to help the bank establish business ties with Israel's wealthiest people.