fmxExchangeConnect - BAER 1H10 Earnings Call

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BAER 1H10 Earnings Call - Wednesday, July 21st

July 20 2010, 12:09

FMX Connect (Reported 7/20/2010)

We expect BAER to report 1H10 EPS of CHF1.04 and to report 2010 EPS of CHF2.19, 6 cents below consensus estimate of CHF2.25

Swiss bank secrecy: last week German tax investigators searched around 13 Credit Suisse bank offices. Head of the Radical Party and chairman of Banca dello Stato del Canton Ticino proposed to the lower house that Switzerland tax assets owned by foreigners in the nation’s banks at the same rate they would pay in their home countries. Under the plan, banks would be required to accept only funds clients previously disclosed to tax authorities, MF reported. Such initiatives could trigger outflows.

Highlights:

The company reported AUM of CHF175 mn at the end of April that included newly added ING Bank Switzerland assets; a decline is expected due to market performance.

Fee rate is expected to increase due to higher volatility.

FY2010 Expenses include CHF45 mn in ING Bank Switzerland integration costs.

Source: ERDesk

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