"The Geneva-based private Bank Mirabaud improved its results in 2025, despite an unfavourable interest rate environment. As Client demand becomes more targeted, the Group is refocusing on its core business and priority markets, while finalising its digital transformation programme, explains Managing Partner Camille Vial.
AWP: In the first half, you reported declining revenues due to falling interest rates, which eroded net interest margins. How did the second half unfold?
Camille Vial: Our revenues were indeed impacted last year by the decline in net interest margins linked to lower interest rates. On a like-for-like basis in 2024, that is excluding the effects related to the discontinuation of our brokerage activities, we nevertheless observed stability in our fee income as well as strong brokerage activity, reflecting the good health of our core business, namely Wealth Management for private Clients and Asset Management for institutional investors. With strict cost control, we have therefore succeeded in delivering higher net profit. In addition, our balance sheet remains solid and well balanced, and we have further strengthened our CET1 capital ratio, positioning ourselves among the best-capitalised banks in Switzerland.
AWP: How did you manage the decline in Assets under Management previously attributed to the concentration of Wealth Management activities and the depreciation of the dollar?
C.V.: In addition to the depreciation of the dollar, which did indeed impact our Assets under Management reported in Swiss francs, this result primarily reflects our strategic decision to refocus our private banking activities on our priority markets, namely Switzerland, Europe, the Middle East and LatAm (Central and South America). In these markets, we have notably strengthened our governance, as seen in Luxembourg with the arrival of a new Chief Executive Officer, Emilie Serrurier, and in Dubai with Georges Khoueiri. These changes reflect our determination to accelerate our development in our priority markets following a significant transformation phase that has helped consolidate our foundations.
AWP: In terms of investment, spending on the development of digital infrastructure was doubled along the way. Where do you stand in this transformation and what are the next steps?
C.V.: This ongoing development is an ambitious technological and digital transformation project for our Bank, and it is currently unique in the Swiss market. By replacing our entire core platform and front-office systems with next-generation cloud solutions, we combine security, agility and personalised service quality. To achieve this, we are making investments commensurate with the scale of this project, one of the most significant in the history of our Maison. This project takes time, but speed is not a strategy. Today, we are satisfied with the scope covered and are mobilising all our resources for its deployment, with the ambition of presenting this new infrastructure to our Clients next year.
AWP: How have your business activities performed since the beginning of the year and what do you expect for the remainder of the financial year?
C.V.: We are seeing sustained commercial activity, particularly in Europe, with positive net inflows from our private Clients and Independent Wealth Managers. We are also observing strong appetite for more targeted opportunities, as illustrated by the success of some of our club deals (investment opportunity offerings). On the Asset Management side, the trend is also positive, with solid institutional subscriptions to our main active strategies, particularly in Swiss and European small and mid-cap equities. For the remainder of the financial year, we remain confident while being mindful of an environment that is likely to remain volatile. In this context, investment discipline and rigorous risk management will be more essential than ever. Thanks to the diversification of our expertise, we are ideally positioned to support our Clients and capture emerging opportunities.
AWP: With the war in the Middle East, are you seeing inflows or outflows? How are you organising your activities and workforce in the region?
C.V.: At this stage, we are not observing any movements in flows. Our priority remains ensuring the safety of our employees, the continuity of our services and close proximity to our Clients. Our Dubai office remains fully operational, with teams present both on-site and remotely, in line with local recommendations. The United Arab Emirates remain a strategic hub for us, at the heart of our setup between the Middle East and Europe. In this environment, we are focused on supporting our Clients, with an agile organisation and the strength of the Group enabling us to continuously adapt to developments in the situation."
