Genevan bank Societe Bancaire Privee has reported operating profit down 73 per cent last year to SFr911,000 ($794,000) on revenues from interest, commissions and services 23 per cent lower at SFr18.0 million.

Client assets slid 34 per cent to SFr1.0 billion, with discretionary mandates plunging 80 per cent to SFr30 million. New money amounted to SFr57 million, after outflows of SFr206 million the previous year.

The bank said the results were in line with expectations and reflect its restructuring efforts since a change of ownership and management in January 2008.

At the end of last year, the largest shareholder was Banca Profilo of Milan, which itself incurred a big loss last year which led, as reported in WealthBriefing, to control of the Milan bank being acquired earlier this year by Sator, an Italian private equity fund.