Swiss private banking group Union Bancaire Privée (UBP) has entered into two exclusive agreements to acquire Societe Generale’s Swiss private banking activities (Societe Generale Private Banking Suisse) as well as their UK and Channel Islands wealth management arm (SG Kleinwort Hambros).
Both transactions are expected to be completed by the end of the first quarter of 2025, for a total price of around €900 million ($986 million), and subject to usual closing conditions and regulatory approvals.
UBP describes the acquisition as a “key step” in the execution of its strategy to grow its global presence and its wealth management activities worldwide. With this, the private banking group aims to further increase its footprint in Switzerland and accelerate its expansion in the UK, where UBP has been developing its activities for nearly three decades, in both wealth and asset management.
Following the completion of the deal, UBP will increase its assets under management, which stood at CHF 150.8 billion as at 30 June 2024, by more than CHF 25 billion. It will also take over all activities operated by SG Kleinwort Hambros and Societe Generale Private Banking Suisse, as well as all client portfolios and employees within these entities.
For Societe Generale, these sales execute the group’s strategic roadmap which targets a “streamlined, more synergetic and efficient business model, while strengthening the group’s capital base”. It intends to pursue the development strategy of its private bank by relying on its leading positions in France and abroad, in Luxembourg and Monaco, to support its high-net-worth clients.
“We are extremely pleased to onboard skilled and experienced teams, and are looking forward to providing clients with an even broader range of high-quality investment solutions,” remarked UBP CEO Guy de Picciotto. “This acquisition represents a meaningful add-on to UBP’s capabilities in Switzerland and reaffirms our long-term commitment to the UK, which will become a new growth engine for the group.”
