Lugano Private Bank Closes UK Business

Contributing Editor

10 April 2006

BSI, the Lugano private bank, has closed its London and Guernsey operations, according to reports in the Swiss press. The bank also said it plans to dispose of affiliate operations in New York and Miami. But BSI has recently announced a new branch in Panama and has recently opened a Singapore office in November last year. The bank recently reported a 22 per cent rise in net profit to SFr110.3 million ($84.4 million) in 2005. Assets under management rose 17 per cent to SFr52.2 billion. The bank has also recently gone through a major re-branding effort, which WealthBriefing reported on last week. Earlier this year, BSI, which is owned by the Italian financial services firm Assicurazioni Generali, merged its Italian business with Banca Generali to create critical mass in Italian private banking.