Geneva-based Syz Group increased its profits in the first half of 2022 despite adverse market conditions. It is also planning to open a branch in Uruguay.
Syz group’s profits rose to 2.7 million Swiss francs in the first half of 2022 from just over 100,000 francs in the first half of 2021, it said in a statement Wednesday.
The bank was able to capitalize on the «positive momentum from its strategic realignment,» it said, adding that the group’s businesses (Bank Syz, Syz Capital, and Syz Asset Management) are on track with their strategic plans.
Outstanding Performance
The group’s 24.8 percent solvency ratio sits comfortably above the 11.2 percent required by the Swiss financial watchdog, while Syz capital, the unit dedicated to alternative investments, delivered an outstanding performance for investors, it said.
The private bank sold its Oyster fund division to French asset manager iM Global Partner in February 2020 and underwent a reorganization in the same year. The sale led to big changes and a loss of 8.2 million Swiss francs as well as weighing on last year's first half-year results.
Nevertheless, the bank had to accept lower transaction volumes as well as lower assets under management, a spokesman for Syz said in response to a request from finews.com. Assets under custody amounted to 24.9 billion francs as of midyear, compared with 27.5 billion francs at the end of 2021.
Expansion in South America
On the business side, Bank Syz underscored important first-half developments: The integration of the independent asset manager BHA Partners, acquired in December 2021, was completed. Additionally, the bank is planning to expand in South America by opening an office in Uruguay's capital city of Montevideo.
