Swiss Private Banks: Which Ones Thrived, Which Ones Faltered?
3. Union Bancaire Privée (UBP)
In private banking, UBP is the second smallest of the banks under review, with 154.4 billion francs in AUM.
By that measure, the annual profit of 257.4 million francs—presented already at the end of January (which is nearly half that of the four times larger Pictet) is indeed impressive.
CEO Guy de Picciotto, who has led the bank since 1998 (practically an eternity), can take pride in having the lowest cost/income ratio among all the banks compared.
It is clearly a well‐oiled and highly profitable private banking machine that remains relatively discreet in public.
In 2024, UBP acquired parts of the private banking division of the French major bank Société Générale – namely, its Swiss private banking arm and the British private banking division SG Kleinwort Hambros.
