SG Private Banking (Suisse) has reported net banking income in 2008 of SFr293.4 million, a drop of 9.2 per cent on the year before, while net income fell by 3.5 per cent to SFr92.6 million.

Overheads dropped by 7.2 per cent and gross operating income fell by 11.5 per cent compared to 2007’s levels. Assets under management stood at SFr24.6 billion as of 31 December 2008. The reduction of SFr5.8 billion over the year was due to market effects, mainly stock market movements, the appreciation of the Swiss franc and other factors, the bank, part of Paris-listed Société Générale, said in a statement.

“In 2009, SG Private Banking will pursue the development of its activities in Switzerland and intends to strengthen its range of services dedicated, notably, to family offices and independent wealth managers,” it said.

SG Private Banking (Suisse) had 511 employees as of 31 December 2008, an increase of 3.2 per cent on 2007.