Geneva, August 6, 2024 — In a strategic move to expand its global wealth management capabilities, Union Bancaire Privée, UBP SA (UBP) has announced agreements to acquire Societe Generale’s private banking operations in Switzerland (Societe Generale Private Banking Suisse) and their wealth management businesses in the UK and Channel Islands (SG Kleinwort Hambros). The transactions are scheduled for completion by the end of the first quarter of 2025.
This acquisition is a significant part of UBP’s strategic effort to enhance its international presence and services in wealth management. With these acquisitions, UBP aims to bolster its market position in Switzerland and fast-track its growth in the UK, where the bank has been active for nearly three decades in wealth and asset management.
The integration of Societe Generale Private Banking Suisse and SG Kleinwort Hambros will add over CHF 25 billion to UBP’s already substantial assets under management, which totaled CHF 150.8 billion as of June 30, 2024. These additions are expected to enhance UBP’s service offerings, particularly in private banking, asset management, and wealth planning—areas in which Societe Generale’s divisions are highly regarded.
The transactions will also enable UBP to extend its geographic footprint, subject to receiving the necessary regulatory licenses, including in the Channel Islands and Gibraltar. This will further diversify UBP’s operations and client base in key financial jurisdictions.
Guy de Picciotto, UBP’s CEO, expressed enthusiasm about the acquisitions: “We are thrilled to welcome aboard talented teams renowned for their expertise. We are eager to enrich our client offerings with a wider array of top-tier investment solutions. These acquisitions not only strengthen our capabilities in Switzerland but also mark a significant step in our commitment to the UK as a vital hub for future growth.”
The completion of these deals is contingent upon customary closing conditions, including the approvals from financial and regulatory authorities, and consultations with employee representatives as required.
About Union Bancaire Privée (UBP)
Union Bancaire Privée (UBP) is one of Switzerland’s premier private banks, known for its robust capitalization, with a Tier 1 capital ratio of 27.2%. Focused primarily on wealth management for private and institutional clients, UBP is headquartered in Geneva and operates globally with a workforce of 2,117 across more than 20 locations, managing assets worth CHF 150.8 billion as of mid-2024.
