- Acquisition Details:
- UBP, a leading Swiss private bank, has agreed to purchase two of Société Générale’s international private banking units for €900 million.
- The deal includes Société Générale Private Banking Suisse and SG Kleinwort Hambros, Société Générale’s wealth management arm in the UK and Channel Islands.
- Strategic Rationale:
- Société Générale is selling these units as part of its strategy to streamline its operations and strengthen its capital base.
- Impact on UBP:
- The acquisition is expected to boost UBP’s global presence, particularly in Switzerland and the UK, where UBP has been expanding for nearly 30 years.
- The deal will also enhance UBP’s presence in selected jurisdictions, including the Channel Islands and Gibraltar, once regulatory approvals are secured.
- Financial Impact:
- The acquisition will increase UBP’s assets under management by CHF 25 billion (€26 billion), adding to its current CHF 150.8 billion (€161 billion) in managed assets.
- Completion Timeline:
- The transactions are expected to be finalized by the end of Q1 2025.
