Geneva private bank ditches troubled brand
Geneva-based Société Bancaire Privée, which has had a chequered past, has been renamed Banque Profil de Gestion to link it more with its main shareholder, the Milan-based Banca Profilo.
As part of the revamp, the rebranded bank has also appointed Franco Antamoro de Céspedes as its new chairman. He replaces Renzo Cenciarini, who is stepping down.
“The new company name of the bank marks an additional stage in the revival of our business,” said Silvana Cavanna, the chief executive of Banque Profil de Gestion.
SBP was sold to Banca Profilo in 2007. The sale was reached after the Swiss financial regulatory threatened to withdrawal the bank’s license if a strategic investor was not found.
Before the takeover, SBP had been struggling for a number of years with a series of regulatory and management difficulties.
In 2008, the bank was fined SFr100,000 by the Swiss Stock Exchange for breaching a series of listing rules.
The bank’s latest published results show that it made a loss of SFr500,000 in 2008, against a loss of SFr6m in 2007.
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