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January 24, 2022

UBP assets under management grow on strong inflows

Swiss private bank Union Bancaire Privée (UBP) has reported a rise in assets under management, benefitting from inflows of $6.2bn (CHF5.7bn) driven by Asia, the Middle East and Eastern Europe.

In addition to positive markets, the growth was also the result of its takeover of local peer Millennium Banque Privée – BCP (Suisse), which is completely owned by Banco Comercial Português (BCP).

Key metrics

The bank’s net earnings in 2021 were CHF201.2m, an increase of 11% from CHF181.4m in the prior year.  

An 11% rise in commissions lifted UBP’s revenue by 6% over the period to CHF1.13bn.

Operating income rose 11% year-on-year, while operating expenses increased 5% to CHF754.5m from CHF718.4m.

The bank attributed the rise in expenses to new acquisitions, hiring initiatives and investment in sustainability offerings.

Notably, last year, UBP also struck a deal to acquire Danske Bank’s wealth management operations in Luxembourg. 

UBP’s cost/income ratio stood at 66.5% at the end of December 2021, an improvement from 67.1% a year ago.

At 25.2%, its Tier 1 ratio surpassed the minimum requirement under the Basel III accords and FINMA rules.

The private bank’s short-term liquidity coverage ratio (LCR) at the end of last year was 274.5%, while balance sheet total increased to CHF38.8bn from CHF37.8bn.

Commenting on the performance, UBP CEO Guy de Picciotto said: “In a context marked with multiple uncertainties we continue to expand in our areas of expertise and strengthen our footprint in our priority markets, by implementing our strategy of acquisitions and targeted recruitments.

“We have made substantial investments in order to develop management solutions that match the prevailing market conditions but also those to come in future years, while at the same time aiming to make UBP a major player in sustainable finance.”

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