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It was reported today that Union Bancaire Privée in London plans to take over the investment boutique ACPI. According to the Geneva private bank, the sale is tied to the upcoming Brexit, UBS’s stated aim is to expand its offshore base in London.

The deal could however also work in the opposite direction, Lagassé explained. «Swiss private banks which serve the European market through a British subsidiary are mulling a U.K. exit because of Brexit.»