Credit Suisse Group AG and Julius Baer Holding AG will consider acquisitions to build their private banking units, according to executives at the Zurich banks.

"We're clearly ready to acquire if the target is close to our own business model," Walter Berchtold, who heads Credit Suisse's wealth management division, told journalists Wednesday 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 Group NV's private banking units in Asia and Switzerland.

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