Geneva-based private bank Pictet has for the first time in its 290-year history published its financial results. The move to transparency is a result of the Swiss group’s re-structuring and transformation into a Société Anonyme – the equivalent of a UK public limited company or US public traded company.
The bank reports that it has CHF 404 billion under management (up CHF 13 billion since the start of the year) and that it generated revenues of CHF 975 million earning a net profit of CHF 203 million for the first half of the year. To put this into context, Credit Suisse has CHF 1,320 billion under management.