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UBP - Union Bancaire Privée

Annual results 2010: Union Bancaire Privée achieves net profits of CHF 216 million as it implements its new Private Banking and Asset Management strategies

Geneva (ots)

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 
  • 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
Stable earnings
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 conditions. 
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 
Editors' note
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' 


UBP - Union Bancaire Privée
Jérôme Koechlin
Head of Communications
Phone: +41/58/819'26'40

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