It was just too good to refuse.

We continue to be interested, we continue to see targets, we continue to analyze and look at opportunities. We do want to invest (in wealth management), ... We do have room for buying back (more shares), but the first priority remains to invest in the business.

This is a substantial result in a business when we were literally nobodies four or five years ago.

We have reaped the benefits from investment banking. We are particularly pleased with our M&A performance in a business where we were literally nobody four or five years ago.

As in 2004, we have achieved another record level of profit.

If you asked me now, for example, where our interests lie, I'd say that we'd focus on wealth management businesses. Generally, deals are likely to be smaller and less transformational than they have been in the past.

I do feel we are (shifting) our priorities.

Julius Baer's business model is very similar to that of the three private banks and GAM. The sale of the complete unit pays special attention to the preservation of continuity between clients and their advisers creating value for all parties.

We regard this agreement as a natural development of our long-term relationship with Bank of China.