First half net profits at Geneva-based Banque Syz have quadrupled to SFr70.4 million ($55 million) on revenue that has doubled year on year ...

First half net profits at Geneva-based Banque Syz have quadrupled to SFr70.4 million ($55 million) on revenue that has doubled year on year to SFr143.2 million. Syz & Co had over 230 employees in December 2005, a figure that is expected to top 250 by the end of this year, and client assets under management of SFr17.5 billion. In April of this year the bank unveiled an ambitious growth strategy and appointed two new partners. Reports in the Swiss press indicated that Syz planned to raise SFr150 million ($119 million) for expansion and acquisition purposes. According to an earlier report in Le Temps, Syz also plans to list on the Swiss Stock Exchange when it has SFr30 billion of assets under management. Syz is planning a possible bond issue to raise the funds and has obtained a Standard & Poor’s rating as part of this process. Syz also appointed Claudio Crivelli and Roberto Almaleh as partners during the first half. The bank said the promotions represent their large contribution to its business. The bank is currently majority-owned by the Syz/Abegg family.