Coutts Takes UBP Assets to 110 Billion Francs

Guy de Picciotto, UBP Chief Executive Officer

Guy de Picciotto, UBP Chief Executive Officer

Geneva based Union Bancaire Privée has increased assets under management, while limiting the impact of the strong Swiss franc on its operating results.

In todays announcement of their 2015 results, on the back of inflows from institutional clients, and those emanating from the Coutts EMEA (Europe, Middle East and Africa) acquisition, the banks assets under management rose to 110 billion Swiss francs, an increase of 11.5 percent.

The operating result reached 152 million francs a slight decline, due mainly to negative interest rates and currency effects. 

As reported in January this year, UBP recently settled with the U.S. authorities paying $187.8 million, a fine covered by the provision taken earlier and by an allocation of a portion of the bank’s 2015 profit.

Results Affected by Exceptional Factors

Business revenue remained stable, reaching 750 million francs, compared with 768 million at the end of 2014, despite particularly difficult market conditions, including renewed volatility, negative interest rates and a strong currency.

The 2.4 percent increase in operating expenses was modest considering the Coutts EMEA integration costs (17.3 million francs) and the substantial investments made for implementing new regulations. 

Solid Equity Base

Following the Coutts EMEA acquisition, UBP has a Tier 1 ratio of 24 percent, well above the minimum required by Basel III and by the FINMA. UBP remains one of the best-capitalised banks, with the means to further develop its wealth management business for both private and institutional clients.

«Our operating result reflects the resilience of our Private Banking and Asset Management businesses despite the difficult market conditions, thanks mainly to our costs being well controlled as well as a sharp increase in our assets under management,» said Guy de Picciotto, UBP’s CEO. 

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