Like every year, UBP was the first private bank in Geneva to publish its annual results on Wednesday. The establishment in the hands of the Picciotto family achieved a net profit of 187.8 million francs (-7%) in 2019. The mass under management increased by 10.6% to exceed 140 billion, thanks to contributions net of 4.5 billion francs. The year was marked by important non-recurring events.
Private Banking Union’s 2019 results were impacted by extraordinary expense and income. The first arises from an additional fine of 14 million francs paid in late December to the United States Department of Justice. The latter estimated that the bank had failed to declare accounts held by American taxpayers during the regularization program launched by Washington between 2013 and 2016. A program in which the UBP had paid 189 million francs in early 2016, the second largest Category 2 fine.
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