The Swiss subsidiary of Banque Internationale à Luxembourg increased its profits and assets under management in the first half of 2023, contributing to positive results overall for the group.
Banque Internationale à Luxembourg Suisse (BIL Suisse) posted a profit of 10 million Swiss francs ($11 million) in the first half of 2023, according to a statement Tuesday. During the same period in 2022, BIL Suisse suffered a loss of 3.9 million francs. Overall, BIL Group registered a profit of 103 million euros ($110 million) in the first six months of the year.
Assets under management at BIL Suisse increased by 7 percent to 4.3 billion francs compared to 44.1 billion euros for the overall group.
Hiring Spree Launched
BIL Suisse has three locations in Switzerland: Zurich, Geneva and Lugano. The company has also been making headlines in recent months with a hiring spree, including ex-Credit Suisse executives who are expected to join in the coming weeks, the bank said.
«With a capital ratio of 31 percent and solid liquidity, BIL Suisse further strengthened its strong balance sheet, making it a good partner for all clients and future employees,» said CEO Hans-Peter Borgh.
European Real Estate
The bank in Switzerland can also draw on the balance sheet of its parent company in Luxembourg and has deep expertise in the European real estate market including mortgages and financing.
BIL Group’s investors include Hong Kong-based majority shareholder Legend Holdings (90 percent) and the Luxembourg government (10 percent).
