BSI Group, the private bank belonging to the
Generali insurance group, saw net new money inflows rise by 8.8% to
CHF6.7bn ($7.41bn) last year, although profits dropped
substantially.

The bank said the strength of the Swiss franc,
low interest rates and global economic uncertainty had caused gross
profit to fall to CHF165.6m from CHF203.8m in 2010, a drop of
18.7%. Net profit was up 1.7% however, at CHF 58.1m

AuM were up 1.9% at CHF77.7bn, and CEO Stefano
Coduri said the bank was satisfied with the results, particularly
given the strength of the Swiss franc.

The bank said its clients had shown little
inclination to invest, with the total assets of the group rising
63.4% to CHF32.2bn, primarily due to an increase in client
deposits.

The year also saw the group migrate to a new
IT platform based on Avaloq, but despite investment to achieve this
operating costs were reduced by 2.7%.

 

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By GlobalData

Global and domestic
expansion

BSI Group said it successfully continued its
expansion in the fast-growing markets of Asia, Latin America,
Eastern Europe, Russia and the Middle East and saw a growth in its
Swiss client base.

Last December, BSI received a banking licence
in Hong Kong, and since March of this year it has been fully
operational in the location.

In its traditional markets, particularly
Switzerland, the group has been following a multi-channel strategy,
through private banking, the external asset managers segment, and
through the use of the Genera product range developed in
partnership with Generali Switzerland.