Annual Review 2008 - Hyposwiss Privatbank AG

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An eyewitness account Arth-Goldau, Switzerland, 2 September 1806: “In a matter of seconds, a huge landslide catapulted enormous boulders far across the valley – a fertile expanse about two miles wide, covered in houses – over to the Rigi mountain on the other side. It pushed the debris thousands of feet up the mountain, knocking down even the strongest of trees along the way. The entire area is a scene of complete devastation […] You can’t even see where the different villages used to be. And right in the middle of this desolate patch is a brand new mountain of earth and rock.” (Neue Zürcher Zeitung, 6 September 1806)
Editorial Dear Customers Ladies and Gentlemen Last year, we faced the worst financial crisis in recent memory. Investors as well as financial institutions met with unprecedented turmoil on the global financial markets, and recovery is likely to take some time. Naturally, our earnings could not escape the broad decline in financial values across the globe. At times like this, it is important to remember that changes of this magnitude do not only carry risk, they also create new opportunities for the canny and patient investor. The theme of this year’s annual review draws an analogy to one of Switzerland’s worst natural disasters: the landslide that hit the village of Arth-Goldau in 1806. Since then, new and vibrant life has emerged from the total devastation, and the area has become a thriving part of Switzerland. As a result of the financial crisis, the performance of our clients’ assets in the past year was disappointing. We have initiated the necessary steps to remedy the situation. Thanks to our excellent financial strength and creditworthiness, we were able to attract significant new funds from new and existing clients throughout the year. Net new money grew by close to 20% measured against funds under administration at the end of 2007. 2008 was a challenging year in terms of our financial results. Operating income was down 17% year on year. Following the completion of major IT infrastructure investments in previous years, we were able to cut our operating expenses by 11% in the year under review. Despite these savings, gross profit fell by 22% and net income for the year was down 36%. On a more positive note, our excellent reputation on the labour market allowed us to increase our workforce in terms of both quality and quantity from 164 to 171 persons (full-time positions). In the coming year, we will continue to expand. During the year, we completed the renewal of the executive committee begun in the second half of 2007. In April 2008, Alexander Iten became Head of Private Banking and a Member of the Executive Board. In September, I took over the position of CEO from my predecessor Theodor Horat. On behalf of all my colleagues, I would like to thank him for his unflagging commitment to clients and employees alike. As of September 2008, Theodor Horat returned to the Board of Directors. At the same time, Stefan Klinger was also elected as a new board member. I would like to thank all our customers for their trust and support during this turbulent period in the world’s financial markets. Your loyalty, but also your constructive criticism in difficult times, gives us the strength and conviction to face the future challenges with confidence and optimism. Siegfried R. Peyer CEO Hyposwiss Annual Review 2008 5
Page 1 and 2: Annual Review 2008
Page 3 and 4: Annual Review 2008
Page 5: Contents Editorial Annual review Ba
Page 11: Bank governing bodies Board of Dire
Page 15: Organisation as at 1 March 2009 * M
Page 19: Key figures 2008 Key figures 2008 i
Page 23 and 24: Finance section Overview The last f
Page 25 and 26: Liabilities Customer deposits grew
Page 27 and 28: Net interest income fell in the yea
Page 29 and 30: Income statement 2008 Income and ex
Page 31: Liabilities in 1 000 CHF 2008 2007
Page 35 and 36: Appropriation of disposable profit
Page 37 and 38: Auditor’s report The following Au
Page 40: Hyposwiss Private Bank Ltd. Bahnhof

Annual Review 2008 - Hyposwiss Privatbank AG

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