Union Bancaire Privée to acquire Soc Gen’s UK and Swiss private banking units for €900M

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.

Source: GLOBAL PRIVATE BANKER