In a significant power play within the Swiss banking landscape, Union Bancaire Privée (UBP) has agreed to acquire Société Générale’s UK-based SG Kleinwort Hambros and Swiss subsidiary Société Générale Private Banking Suisse for approximately €900 million.
This strategic acquisition marks a bold expansion for UBP, significantly bolstering its presence in both the UK and Swiss markets. The deal involves a combined €25 billion in assets under management and is expected to close in the first quarter of 2025, subject to regulatory approvals.
UBP: A Rising Force in Private Banking
UBP, a Swiss private bank specializing in wealth and asset management, has been steadily expanding its reach in recent years. With this latest acquisition, the bank solidifies its position as a major player in the European private banking sector. The addition of SG Kleinwort Hambros and Société Générale Private Banking Suisse brings UBP valuable expertise, a broader client base, and increased assets under management.
Société Générale’s Strategic Shift
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For Société Générale, the divestiture aligns with its strategic roadmap of creating a more focused and efficient business model. The bank intends to concentrate its private banking efforts on its core markets of France, Luxembourg, and Monaco, where it holds prominent positions.
A Win-Win for Both Banks
This transaction represents a mutually beneficial outcome for both UBP and Société Générale. UBP gains a significant foothold in new markets and expands its service offerings, while Société Générale streamlines its operations and strengthens its capital base.
The deal underscores the ongoing consolidation within the banking industry, as institutions seek to optimize their portfolios and focus on their core strengths to thrive in an increasingly competitive landscape.
