First Half of 2012: Union Bancaire Privée Increases its Assets Under Management by 6%

First Half of 2012: Union Bancaire Privée Increases its Assets Under Management by 6% PR Newswire GENEVA, July 26, 2012 GENEVA, July 26, 2012 /PRNewswire/ -- Union Bancaire Privée, UBP SA (UBP) has announced an increase in its assets under management, which totalled CHF 76 billion (USD 80 billion) as at 30 June 2012, representing a 6% rise compared with the end of 2011 (CHF 72 billion). This increase is the result not only of net inflows from both private and institutional clients but also of market and exchange-rate effects, and of UBP's acquisition of Nexar Capital Group in February 2012. Thanks to careful risk-management and having run the balance sheet conservatively, UBP has maintained a strong financial base, and with a Tier 1 capital ratio of 23.5%, it is one of Switzerland's best-capitalised banks. UBP Group's consolidated net profit stood at CHF 70 million (USD 73.9 million) at the end of the first half of 2012. This result is in line with the Bank's expectations and takes account of the integration costs associated with acquiring ABN AMRO Bank (Switzerland) AG and Nexar Capital Group; the effects of synergies from these acquisitions will be seen in the second half of 2012. "The first half of 2012 saw business activity slow in tough markets, with steps being taken to keep costs on a tight rein and the Bank staying solid in the face of the uncertain times in which the economic and financial world finds itself", said Guy de Picciotto, UBP's CEO.