BSI has become the latest Swiss bank to report
a decline in assets under management (AuM) due to the rapid
appreciation of the Swiss franc, with client assets dropping 2% in
the first six month of 2011.

BSI’s AuM stood at CHF74.7bn ($93.3bn) as at
31 June 2011, compared with CHF76.2bn as at 31 December 2010.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

However, AuM enjoyed a marginal 1%
year-on-year growth compared with CHF75.4bn for the corresponding
period in 2010.

 

Profits in decline

BSI’s half-year net profit saw a 10%
year-on-year decline to CHF34.8m, as operating income declined, by
1.8% on a year-on-year basis to CHF439m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Operating expenses rose to CHF328.8m – in part
due to increased investment in Asia, Russia and Eastern Europe
where the bank is bulking up its presence.

 

New money – ‘old’ emerging
markets

BSI’ net new money (NNM) reached CHF2.9bn in
the half of 2011, representing a year-on-year growth from CHF1.8bn
as at 30 June 2010.

The biggest chunk of NNM came from the growth
markets in Latin America and Asia, the bank said.

BSI said it is in the process of obtaining a
banking license in Hong Kong, where it currently operates an
investment advisory company.

 

IT upgrade complete, sells B-Source
stake

BSI has now completed the group-wide
implementation of its new IT platform, B-Source Master.

The bank said the upgrade will increase
operational efficiency and accelerate the time to market for new
products and services.

The bank has also decided to sell 51% of its
wholly-owned IT and back office services company B-Source to
Avaloq.

BSI will retain a 49% stake as a minority
shareholder.