UBP achieves excellent 2023 results despite strong franc

Banking , Investment, Wealth Management / By /
Rue de la Corraterie in Geneva private wealth quarter demonstrating resilience against Swiss franc currency strength
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Union Bancaire Privée (UBP), a renowned private bank based in Geneva, has reported a notable increase in earnings and staff recruitment over the past year. Despite facing volatility in the months ahead, UBP’s leadership remains optimistic about the future.

In 2023, UBP achieved a net profit of 223.8 million Swiss Francs, marking a 6.4% increase from the previous year. This growth is attributed primarily to a significant 25% rise in interest income. Despite a decline in private client trading activities and revenues from trading and foreign exchange transactions, leading to a 7.2% decrease in net commission and fee income, UBP’s performance has been strong.

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Stable Asset Management Amidst Currency Fluctuations

UBP managed assets worth 140 billion Swiss Francs, maintaining stability despite market fluctuations. Positive stock market conditions contributed 7.6 billion Swiss Francs, and net new money added another 2.9 billion. However, the appreciation of the Swiss Franc, particularly against the US dollar, neutralized these gains. Notably, about half of UBP’s client funds are evaluated in US dollars.

Investment in Talent and Technology

Operational expenses rose slightly to 832.8 million Swiss Francs, driven mainly by recruitment and technological investments. UBP has been actively hiring in Switzerland and Asia. The bank’s cost-income ratio (CIR) improved marginally from 68.1% to 67.9% compared to the previous year.

Strong Foundation for Future Growth

With a robust balance sheet totaling 37.4 billion Swiss Francs at the end of 2023 and a solid Tier 1 capital ratio increase from 26.7% to 28.9%, UBP is well-positioned to continue its plans for organic growth and external expansion.

Looking Ahead with Confidence

Guy de Picciotto, CEO of UBP, views the future with a balanced perspective. “2024 is expected to be another volatile year, but we are confident in the dedication of our teams and our unique offerings to expand our presence in target markets,” he stated.

Conclusion

UBP’s successful navigation through challenging economic conditions highlights its resilience and commitment to growth. Despite the strong Swiss Franc’s impact, the bank’s strategic focus on interest income, efficient asset management, and investment in human and technological resources demonstrate its robustness in the financial sector.

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About UBP

Union Bancaire Privée (UBP) stands as a testament to excellence in private banking. Based in Geneva and family-owned, UBP has established itself as a leader in the financial industry, known for its commitment to client security, innovative financial solutions, and a forward-thinking approach to global market challenges. With a clear vision for the future and a strong foundation in expert financial management, UBP continues to set benchmarks in the banking world.

Frequently Asked Questions (FAQ)

Can a non-resident open a Swiss bank account remotely in 2026?
Yes. Under FINMA Circular 2016/7 on video and online identification, Swiss private and commercial banks can onboard non-resident clients remotely using encrypted video verification and apostilled KYC documentation.
What is the typical minimum deposit for a non-resident Swiss private bank account?
Tier-1 Swiss private banks typically require CHF 1,000,000 to CHF 3,000,000 in bankable assets, specialized mid-sized private banks accept CHF 500,000 to CHF 1,000,000, and digital investment platforms accept CHF 50,000 to CHF 100,000.
How are client securities protected if a Swiss bank fails?
Under Article 37d of the Swiss Banking Act, custody securities—including equities, bonds, ETFs, and physical precious metals—are segregated off-balance-sheet and never enter the bank’s bankruptcy estate, while cash deposits are insured up to CHF 100,000 by esisuisse.
What is the difference between Form A and Form K under CDB 20?
Form A declares the ultimate beneficial owner of assets held personally or through a passive domiciliary company, whereas Form K identifies the controlling persons holding 25% or more of an active operating legal entity.
How long does Swiss bank compliance onboarding take for international clients?
Once a complete Source of Wealth and Source of Funds dossier is submitted, compliance verification and account activation typically require 2 to 4 weeks for personal accounts and 3 to 6 weeks for complex corporate structures.
Does opening a Swiss bank account trigger automatic tax reporting under CRS?
Yes. Under the OECD Common Reporting Standard (CRS), Swiss banks automatically exchange annual account balance and investment income data with the tax authorities of the account holder’s jurisdiction of tax residence.

Related guides

For tailored assistance matching your asset profile with the right institution, review our non-resident Swiss bank account onboarding service, our Swiss bank selection guide, and our analysis of the safest Swiss banks and credit ratings.

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