GENEVA, Jan. 26 /CNW/ -
This is an Updated Version of the Press Release: "Union Bancaire Privee
achieves net profits of CHF 216 million as it implements its new
Private Banking and Asset Management strategies" That was Distributed
Today at 10:00 GMT.
Union Bancaire Privée (UBP) achieves net profits of CHF 216 million (USD
230 million) for the 2010 financial year as it implements its new
strategies for Private Banking and Asset Management.
Assets under management totalled CHF 65 billion (USD 69 billion) as at
31 December 2010, mainly affected by negative exchange rate effects.
A strong financial base and a Tier 1 ratio of 24.1% is maintained
through careful risk-management and a tight rein on the balance sheet
For the 2010 financial year, UBP's consolidated net profit reached CHF
216 million (USD 230 million), identical to 2009. As at 31 December
2010, assets under management came to CHF 65 billion (USD 69 billion),
versus CHF 75 billion at the end of 2009. These were mainly affected by
negative exchange-rate effects.
Revenues were CHF 766 million (USD 816 million) for the year versus CHF
806 million for 2009. Interest income remained almost unchanged at CHF
162 million versus 166 million in 2009. Trading came in at CHF 195
million (USD 208 million), boosted by particularly good market
Operating expenses remained firmly under control (-1%) at CHF 493
million (USD 525 million). This figure takes into account the
investment made in reorganising the Asset Management division. The
Group's consolidated cost/income ratio was 65%.
Sound financial base
The balance sheet total reached CHF 18 billion (USD 19 billion), and the
return on shareholder equity for the 2010 financial year was 12.8%.
Overall, the balance sheet remained stable, with a high level of
liquidity. By pursuing a conservative approach to risk-management, UBP
has maintained a solid financial base and a strong balance sheet. With
a Tier 1 capital ratio of 24.1%, UBP is one of the best-capitalised
banks in Switzerland. The 2010 results include the agreement the Bank
reached with the US liquidator dealing with the bankruptcy of Bernard
L. Madoff Investment Securities, which allowed UBP to bring a final
close to this chapter.
Growing new markets
After two years of profound changes to the international financial and
economic landscape, 2011 will see the crystallisation of all the Bank's
efforts. The aim of Private Banking is to develop growth markets, such
as the Middle East, Asia, Eastern Europe and Latin America, and to grow
its European onshore client base. Asset Management has launched a new
range of in-house managed investment funds with around fifteen
products, carefully tailored to meet client needs and with a particular
focus on emerging markets.
As a global asset manager, UBP is committed to providing innovative
investment solutions suited to the new market environment, with the
highest levels of service quality and transparency. With its good 2010
results, newly-recruited renowned experts and financial solidity, the
Bank is facing the future with confidence as it continues to provide
its clients with the very best investment services.
Union Bancaire Privée (UBP) is based in Geneva and is one of
Switzerland's leading private banks. Active in the field of asset
management for both private and institutional clients and with a very
solid balance sheet, the Bank had more than CHF 65 billion (USD 69
billion) in assets under management as at 31 December 2010. UBP employs
around 1,200 people in some twenty locations worldwide and provides a
complete range of products and innovative investment solutions, both in
traditional and alternative asset management, with the aim of seeking
out performance and attaining its clients' objectives.
SOURCE Union Bancaire Privee
For further information:
Jérôme Koechlin -
Head of Communications: