UBP snaps up Société Générale’s UK and Swiss private banking subsidiaries in €900m deal
Union Bancaire Privée (UBP), one of the largest private banks in Switzerland specialising in wealth and asset management, has agreed to purchase two of Société Générale’s international private banking subsidiaries for €900 million.
UBP lands two Société Générale private banking businesses
The deal will see UBP buy the French banking group’s Swiss private banking unit, Société Générale Private Banking Suisse, along with SG Kleinwort Hambros, its wealth management arm in the UK and Channel Islands.
In a statement announcing the deal, Société Générale says: “These sales are part of the execution of Société Générale’s strategic roadmap targeting a streamlined, more synergetic and efficient business model, while strengthening the Group’s capital base.”
UBP says that the two transactions, both expected to be completed by the end of Q1 2025, will enable the firm to “grow its global presence”. The bank anticipates that the acquisitions will strengthen its footprint in Switzerland and expedite its UK expansion, where it has been “developing its activities for nearly three decades”.
The Swiss bank adds that the acquisition of the businesses will also contribute to boosting its presence in “selected jurisdictions, once the requisite regulatory licences have been granted, including in the Channel Islands and Gibraltar”.
UBP claims that the deal will increase its assets under management by CHF 25 billion (€26 billion), adding to the approximately CHF 150.8 billion (€161 billion) it currently manages.
