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ubp first-half net profit down. geneva-based union bancaire privée’s net profit in january-june fell on the year despite stable revenues and a rise in assets under management. family-owned swiss private bank union bancaire privée posted a first-half net profit of 100.2 million francs ($108.9 million), 7 percent less than a year earlier. revenues stable. in a press release, ubp said revenues were little changed, rising 0.9 percent on the year to 562.1 million francs despite a 22 percent fall in net interest revenues to 101.8 million francs. this was offset by a rise in income from fees and commissions as a result of high levels of client trading and steady inflows. however, the bank said its operating expenses rose 3.3 percent in the first half of the year to 372.7 million francs due to investment in the front-office and investment teams. assets under management grow. ubp said its assets under management as of june 30 had grown 9.3 percent from december 31, 2020 to 161.1 billion francs. acquisitions. in late june/early july, ubp made two acquisitions within the space of a few days. on july 1, it announced it was acquiring danske bank’s wealth management business in luxembourg, with ceo guy de picciotto saying at the time the move confirmed ubp’s ambition to increase its footprint in luxembourg, which became the bank’s european hub a few years ago. two days earlier, it said was taking over the swiss subsidiary of banco comercial português. ubp said the acquisition of millennium banque privée would help broaden its footprint in selected countries, including portugal and brazil, and reinforce its capabilities in geneva. in 2018 it took over banque carnegie in luxemburg and u.k.-based boutique investment manager acpi. over the last 10 years its larger acquisitions have included abn amro switzerland as well as the client assets of coutts international which helped boost ubp’s presence in asia.
UBP First-Half Net Profit Down
Geneva-based Union Bancaire Privée’s net profit in January-June fell on the year despite stable revenues and a rise in assets under management.
Family-owned Swiss private bank Union Bancaire Privée posted a first-half net profit of 100.2 million francs ($108.9 million), 7 percent less than a year earlier.
Revenues Stable
In a press release, UBP said revenues were little changed, rising 0.9 percent on the year to 562.1 million francs despite a 22 percent fall in net interest revenues to 101.8 million francs. This was offset by a rise in income from fees and commissions as a result of high levels of client trading and steady inflows.
However, the bank said its operating expenses rose 3.3 percent in the first half of the year to 372.7 million francs due to investment in the front-office and investment teams.
Assets Under Management Grow
UBP said its assets under management as of June 30 had grown 9.3 percent from December 31, 2020 to 161.1 billion francs.
Acquisitions
In late June/early July, UBP made two acquisitions within the space of a few days.
On July 1, it announced it was acquiring Danske Bank’s wealth management business in Luxembourg, with CEO Guy de Picciotto saying at the time the move confirmed UBP’s ambition to increase its footprint in Luxembourg, which became the bank’s European hub a few years ago.
Two days earlier, it said was taking over the Swiss subsidiary of Banco Comercial Português. UBP said the acquisition of Millennium Banque Privée would help broaden its footprint in selected countries, including Portugal and Brazil, and reinforce its capabilities in Geneva.
In 2018 it took over Banque Carnegie in Luxemburg and U.K.-based boutique investment manager ACPI.
Over the last 10 years its larger acquisitions have included ABN Amro Switzerland as well as the client assets of Coutts International which helped boost UBP’s presence in Asia.
