The private bank J. Safra Sarasin has returned robust growth for 2016. The bank intends to use its financial strength for acquisitions – is Asia on the radar?
J. Safra Sarasin increased last year's net profit by 9.4 percent to 252.1 million Swiss francs. Assets under management increased to 148.5 billion francs, the Brazilian-Swiss institution reported.
The cost-income ratio remained at 60 percent, a figure that is among the best in Swiss private banking. The bank continued to build up capital last year.
Their core capital ratio is 28 percent. The bank intends to use its financial strength strategically.
Playing an Expanded Role
Chairman Jacob J. Safra, is quoted as saying: «Thanks to our financial strength and our characteristics as a family business, the group can act proactively in the consolidation of the private banking market.»
Ilan Hayim, chairman of the board of directors, said the bank could react quickly to opportunities in the future shaping of the industry to play a leading role worldwide.
Asian Activity
The bank was active in hiring into its Singapore unit throughout 2016 including the appointment of a new chief executive of its Singapore business.
J. Safra Sarasin also created a new role and appointed a managing director as head external asset managers & intermediaries, Asia.
