BIL Luxembourg's Swiss business is on the verge of making a profit for the first time since being reorganized. It is also starting to make new hires, as finews.com research shows.
The Swiss business of BIL Luxembourg, which Chinese-based Legend Holdings controls, is making substantial progress this year. It is not only in a position to report a profit but has also managed to make two key executive appointments aimed at keeping up its newfound growth momentum.
Veteran private banker Nadia Bargetzi (image above) joined BIL in February as the deputy head of wealth management, finews.com has learned. She has an extended track record of leadership and deep experience in managing private clients in Switzerland and overseas, working for Credit Suisse and Julius Baer. Following that, she joined the senior executive teams of Quilvest and Decisive Capital Management, as finews.com previously reported.
From Morgan Stanley to BIL Suisse
In January 2023, Jutta Lackner (image above) joined BIL's Swiss business as deputy head of compliance, returning after spending 14 years in Hong Kong and Singapore. She first worked for Credit Suisse in Zurich after finishing her education in Switzerland before departing for Asia, where she worked at Morgan Stanley.
In the last year, BIL's Swiss business strengthened its focus on commercial banking beyond its traditional business of managing private clients. It is providing corporate clients with lending and finance as well as merger and takeover advisory services, all activities that are significantly helped by the strong balance sheet of its Luxembourg parent unit. BIL is the largest bank in the principality and that gives the institution the stability necessary to help grow the Swiss business with corporate clients.
First-time Profit
The Swiss business managed to make a profit of 4 million francs ($4.27 million), as further research shows. «We are seeing the results from our new market position and the progress in private banking, but also in the business with internationally active entrepreneurs and families», said Hans-Peter Borgh, CEO of BIL Switzerland, to finews.com.
The inflow of net new money was $342 million in 2022, with revenues rising to $55 million from $42 million a year earlier. At the end of the year, the institute had about $4.3 billion in assets under management, about the same as it had a year earlier. BIL employs about 70 staff in Zurich, 30 in Geneva, and about half a dozen in Lugano. At the end of March 2022, it moved its Zurich office premises from Beethovenstrasse to Zurich's main shopping and banking thoroughfare on the Bahnhofstrasse.
Heart of Zurich
The move to a more prestigious address in the heart of Zurich was part of a comprehensive $90 million investment program to reposition the bank by its controlling China mainland-based owners.
