UBP acquires Société Générale’s Swiss private banking business
UBP acquires Société Générale's Swiss private banking business
Keystone-SDA
Select your language
Generated with artificial intelligence.
Listening: UBP acquires Société Générale’s Swiss private banking business
The private bank UBP is taking over the Swiss asset management business of Société Générale. It is also buying SG Kleinwort Hambros, which operates in the UK, from the major French bank.
This content was published on
2 minutes
Keystone-SDA
Deutsch
de
UBP kauft Schweizer Private Banking der Société Générale
Original
In total, the acquisition of the two Société Générale subsidiaries will bring Union Bancaire Privée assets under management of around CHF25 billion, as detailed in UBP’s press release on Monday. While UBP does not state a purchase price in its press release, Société Générale’s press release mentions a sales price of around €900 million.
The takeover of the two companies Société Générale Private Banking Suisse and SG Kleinwort Hambros is to be completed at the beginning of next year. Specifically, UBP will take over all operating activities of the two legal entities, including all client portfolios and all employees.
In the press release, UBP writes that Société Générale Private Banking Suisse and SG Kleinwort Hambros both have many years of recognised expertise in private banking and asset management and are an ideal complement to the existing know-how. The transaction will also help to strengthen the presence in selected markets, including the Channel Islands and Gibraltar.
According to Société Générale, the sale is a means of strengthening its own capital base and streamlining the Group. In private banking, the bank will focus on its leading position in France and its presence in Luxembourg and Monaco.
Translated from German by DeepL/mga
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to english@swissinfo.ch.
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
This content was published on
Scientists have shown that bonobos combine their calls into complex sound sequences that resemble combinations of human words.
This content was published on
US parliamentarians have threatened the UN Human Rights Council with sanctions similar to those against the International Criminal Court (ICC).
This content was published on
Thanks to abundant snowfall, lift operators benefited from increased visitor numbers, with the number of guests jumping by 12% year-on-year.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.