With the integration of recently acquired Lugano based BSI still a work in progress, EFG International has wasted no time in snapping up another private banking asset.
EFG International has agreed to acquire the Luxembourg based private banking activities of UBI Banca International (Luxembourg) S.A. with approximately EUR 3.6 billion of client assets. There is no direct correlation with EFG's Asian operations and the purchase, although a further booking centre could be added for Asian clients.
The transaction however will significantly strengthen EFG International’s presence in Luxembourg and will reinforce the Bank’s focus on growing its wealth management presence in Europe.
The transaction is structured as a cash acquisition of UBI Banca International (Luxembourg) S.A. and will have no material impacts on EFG International’s regulatory capital position. Subject to regulatory approval, the transaction is expected to be completed during the first half of 2017.
EFG Building Momentum
Financial terms of the transaction are not disclosed. UBI offers a range of private banking, wealth structuring, asset management and corporate banking services to private and corporate clients in Luxembourg.
UBI’s branches in Madrid and Munich are excluded from the transaction, as are its fiduciary and corporate banking activities.
«The acquisition of UBI is a valuable addition to our business. It will significantly strengthen our position in Luxembourg and help to drive profitability. We are committed to build a leading private banking and wealth management franchise in the country and we very much look forward to welcoming UBI’s clients and employees to EFG Bank Luxembourg,» said Konstantinos Karoumpis, CEO of EFG Bank (Luxembourg) S.A.
