Union Bancaire Privée to Acquire Societe Generale’s Private Banking Units in the UK and Switzerland
5 AUG, 2024
By Jose Luis Palmer from RankiaPro Europe
Union Bancaire Privée (UBP) has announced the signing of two exclusive agreements to acquire Societe Generale's private banking activities in Switzerland and the UK. This strategic move is set to significantly bolster UBP's global footprint, particularly in the private banking and wealth management sectors. The transactions, which involve Societe Generale Private Banking Suisse and SG Kleinwort Hambros, are expected to finalize by the end of the first quarter of 2025.
A Significant Boost to UBP's Assets Under Management
The acquisition will add more than CHF 25 billion to UBP's assets under management (AuM), bringing the total to over CHF 175.8 billion, based on figures from June 30, 2024. This expansion not only strengthens UBP's standing in Switzerland—a core market for the firm—but also marks a substantial increase in its presence in the UK, where UBP has maintained a significant presence in private banking and asset management for nearly 30 years.
We are extremely pleased to welcome qualified and experienced teams and look forward to offering clients an even broader range of high-quality investment solutions. This acquisition represents an important extension of UBP's expertise in Switzerland and reaffirms our long-term commitment to the UK, which will become a new growth engine for the Group.
Guy de Picciotto, UBP's CEO
Enhanced Expertise and Expanded Reach
The integration of Societe Generale's private banking units will provide UBP with a wealth of expertise in private banking, asset management, and wealth planning. This will enhance UBP's capabilities in offering comprehensive wealth management solutions to private and institutional clients. Additionally, the deal positions UBP to expand its operations into new markets, including the Channel Islands and Gibraltar, pending the acquisition of necessary regulatory licenses.
These transactions are subject to standard conditions, including social procedures and regulatory approvals. The completion of these deals is supported by Caurus Partners, ensuring a smooth transition and integration of the new assets and teams.
This acquisition is a critical step in UBP's strategic plan to extend its global influence and enhance its service offerings, aligning with the firm's long-term growth objectives.
