French bank Société Générale is divesting its Swiss and British private banking divisions, including SG Kleinwort Hambros. The beneficiary of this move is Geneva-based Union Bancaire Privée (UBP).
Union Bancaire Privée (UBP) is acquiring Société Générale's Swiss private banking division as well as its wealth management operations in the UK and the Channel Islands, known as SG Kleinwort Hambros. The two institutions announced the completion of the agreements on Monday.
The transactions are expected to be finalized by the end of Q1 2025, with a sale price of approximately 900 million euros ($986 million) including equity.
New Momentum for UK Business
This move is a key step in UBP's strategy to expand its global presence and grow its private banking activities worldwide, according to a statement from UBP. The bank has been active in both private banking and wealth management in the UK for nearly three decades.
With this acquisition, UBP will increase its assets under management, which stood at 150.8 billion Swiss francs as of 30 June 2024, by over 25 billion Swiss francs ($29 billion).
Regulatory Approval Pending
«We are very excited to welcome skilled and experienced teams and offer our clients an even broader range of high-quality investment solutions. This acquisition is a valuable addition to UBP's capabilities in Switzerland and reinforces our long-term commitment to the UK, which will become a new growth engine for the group,» said Guy de Picciotto, CEO of UBP.
The transactions, conducted with the support of Caurus Partners, are still subject to applicable social procedures, standard closing conditions, and approval from the relevant financial and regulatory authorities.
