Its stock jumps EFG International AG (with the Latsis family as the main shareholder) in the wake of a publication stating that the group Julius Baer Group Ltd. may soon announce its acquisition, it reports Bloomberg.

Shares in EFG International rose as much as 10% earlier, leading to a trading halt in the stock, following a report on the website Inside Paradeplatz which referred to rumors that the takeover announcements would take place on Friday after the market closes. At the same time Julius Baer shares fell as much as 5%.

Representatives for both EFG Group and Julius Baer declined to comment when contacted by Bloomberg News. The news outlet adds that in late May it had reported that Julius Baer, ​​which is headquartered in Zurich, had held preliminary discussions with EFG regarding the possibility of a collaboration, as sources with knowledge of the matter had stated at the time.

A potential deal would create a fund management group worth more than 500 billion Swiss francs ($561 billion). As Bloomberg reports, the acquisition would continue the transformation of the Swiss financial industry that began last year when UBS, the country’s largest bank, bought Credit Suisse.