Clariden Bank Reports “Above Average” Results

17 February 2006

Clariden Bank, the Zurich-based private bank owned by Credit Suisse, said it achieved “above average” results for 2005. Net profit at the bank rose 19.6 per cent to SFr189.7 million ($144.5 million). Clariden raised SFr4.5 billion in new money during the year, a 12 per cent rise, with assets under management totalling SFr48.3 billion, an increase of 28.5 per cent. Last November, Clariden – which is named after one of Switzerland’s highest mountains – opened an office in Singapore. The bank plans to beef up its presence there and is currently hiring more staff. The bank said at the time of its opening that it planned further international offices, particularly in the growth markets of Dubai and Jakarta. The bank also mentioned the possibility of opening an office in Monaco. Clariden also recently disclosed a 6.8 per cent holding in the Russian bank, Sibakadembank, which is based in the Siberian city of Novosibirsk.