* Assets under management rise to 78.7 billion
* Margin rises to 105 basis points from 94 bp
* Bank proposes unchanged dividend of 0.10 Sfr
ZURICH, Feb 26 Private bank EFG International
swung to a net profit in 2012 after shutting
unprofitable businesses and cutting the number of its private
The mid-sized wealth manager reported a profit of 111
million Swiss francs ($119.2 million) in 2012 from a 294 million
franc loss a year earlier.
"All loss-making businesses have been exited, with the
number of locations reduced by 20," the Zurich-based bank said
in a statement.
EFG has restructured since Chief Executive John Williamson
took the helm in 2011, shutting offices, including those in the
Swiss cities of Sion and Lugano. Last year, it sold its fund
administration unit to Credit Agricole's CAECIS, and
EFG Bank Denmark to SEB Wealth Management, as well as
listing its structured products business.
EFG slashed the number of its private bankers to 477 from
675 two years ago.
The bank's assets under management rose to 78.7 billion
francs at year-end as 3 billion francs of new assets in
continuing businesses offset funds lost from units sold or
Assets stood at 76.5 billion at the end of June, when EFG
said its restructuring process was largely complete. The bank
said it would propose an ordinary dividend of 0.10 Swiss francs
per share, unchanged from 2011.
EFG's margin jumped to 105 basis points from 94 basis points
a year earlier, while the bank's Tier 1 capital ratio - a
measure of financial strength - rose to 18.1 percent from 12.9
The wealth manager faces competition at home from rivals
Vontobel and Sarasin, now owned by
Brazilian-Swiss bank Safra.
($1 = 0.9315 Swiss francs)
(Reporting by Martin de Sa'Pinto; Editing by Louise Heavens)