Swiss private bank Julius Bär has said it will buy back up to SFr500 million ($522 million) of shares and raise its dividend, returning excess capital to investors.This content was published on February 7, 2011 - 10:08
The bank on Monday said it had been able to increase net profit by six per cent to SFr503.9 million and attract SFr9 billion net new money in 2010, even as the franc’s unprecedented strength against the euro ate into client assets and profitability.
Julius Bär, which in May completed the integration of Swiss private banking assets of Dutch company ING which it bought in 2009, had been holding large amounts of capital. It had been looking for a new target, but without success.
“Whilst our results were impacted by the Swiss franc appreciation, our group nevertheless showed a pleasing financial performance, allowing an increased proposed dividend and the launch of a buyback programme in due course,” said CEO Boris Collardi.
UBS and Credit Suisse are due to publish results on Tuesday and Thursday.
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