Julius Baer Group, Switzerland’s third-largest wealth manager, has hired several private bankers from HSBC Holdings to bolster its Latin American business, according to three reliable sources.

The bankers are based in Monaco and Switzerland, said one of the sources, asking not to be identified. More may be hired in Monaco, one of Julius Baer’s European hubs serving Latin American clients, said another person. Officials at Julius Baer and HSBC declined to comment to Bloomberg.

Julius Baer has acquired businesses and hired bankers to compete with larger wealth managers such as UBS Group and Credit Suisse Group. The firm has signed more than 200 client relationship managers from Credit Suisse and other Swiss, Asian and British private banks this year, CEO Boris Collardi said last month.

Albert Henriques also joined Julius Baer from HSBC as chief executive officer in Monaco.

HSBC is in the process of divesting a portfolio of Latin American client assets in Switzerland to Banco Santander as the British lender restructures its private bank, people familiar with the matter said last month that the deal may include $4 billion to $6 billion of assets under management, according to the people close to the deal.