Banque Cramer has had a tempestuous year in 2017. This also affected the numbers at Norinvest, the company which owns the private bank.
Banque Cramer profit declined to 1.29 million Swiss francs in 2017 from 4.09 million a year earlier, Norinvest reported on Monday. Norinvest owns Banque Cramer.
In 2016, the result had also been affected one-time items. Norinvest didn’t say how assets under management had developed.
New Chairman Elected
For Banque Cramer, 2017 was a «transition year», Norinvest said. The bank is Norinvest’ sole equity holding.
The bank last year shuttered the retail business in Switzerland and moved the team Geneva from Lausanne. The sale of the Bahamas-based unit was delayed until only last week. Last but not least, the company also had a number of high-profile moves at the management. The biggest change came as Chairman Marco Netzer decided to stand down and not to seek reelection at the annual general meeting, which took place on April 26. Manuel Leuthold was appointed as successor of Netzer, who accepted to stay on as honorary chairman.
Norinvest Loss
Norinvest had a loss of 441,000 francs in 2017, mainly because Cramer didn’t pay a dividend. The sizing-down of the management of the bank may be an indication that it plans to sell the company.
