Ahead of its results, Banque International à Luxembourg Switzerland gives an insight into last year's performance and says which services it will add.
Banque International à Luxembourg Switzerland (BIL Suisse) was able to increase new money inflows by 11 percent from the previous year to a three-digit million sum. This helped boost assets under management by 15 percent to more than 4 billion francs, as finews.com learned Monday.
While total revenues increased by 24 percent from the previous year, amounting to approximately 40 million Swiss francs, the bottom line showed a loss in the single-digit millions.
Mid-Market
The boutique bank said new services it aims to offer corporates include capital market financing, corporate loans and advice for mergers and acquisitions in the mid-market segment, which until now has been underserved by larger competitors, the bank said. These will exist alongside its existing private banking services.
Furthermore, it is on track to achieve its medium-term goal to lift assets under management to 10 billion francs over the next few years, in-line with comments by CEO Hans-Peter Borgh's in a finews.com interview last year.
Relocation & Repositioning
BIL Suisse employs 70 people in Zurich, 30 in Geneva and 12 in Lugano. Those in Zurich are will move from Beethovenstrasse to Zurich's Bahnhofstrasse at the end of this month. The investment in the new offices are part of a 85 million franc push, driven by its Chinese owner Legend Holdings for the bank to reposition itself in Switzerland, finews.com learned.
BIL Suisse publishes its results at the end of April 2022.
