Geneva-based Union Bancaire Privée is continuing its run of takeovers, with its second acquisition in a week.
The European subsidiary of family-owned Swiss bank Union Bancaire Privée is acquiring Danske Bank’s wealth management business in Luxembourg, UBP said in a press release Thursday.
The transaction, described as an asset deal, is subject to regulatory approval and is expected to be completed in the fourth quarter of 2021, UBP said.
With a presence in Luxembourg since 1976, Danske Bank International specialises in international private banking and has clients in almost 60 countries worldwide. The bank’s client base consists mainly of ultra high and high net worth private clients from Nordic countries (primarily Denmark), residing outside their home countries, but mostly in Europe.
European Hub in Luxembourg
With this acquisition UBP, whose overall assets under management totaled 147.4 billion francs ($159.6 billion) as of December 31, 2020, will continue to broaden its activities in Luxembourg where its assets under management will reach around 33 billion francs upon completion of the deal.
«This transaction confirms our ambition to increase our footprint in Luxembourg, which became UBP’s European hub a few years ago. It is undoubtedly an opportunity to strengthen our growth strategy on the Nordics with a seasoned team of bankers and investment professionals, and to further enhance our local leadership team,» UBP CEO Guy de Picciotto said
UBP Active Buyer
Earlier this week UBP agreed to acquire the Swiss unit of Portugal’s Banco Comercial Português. In 2018 it took over Banque Carnegie in Luxemburg and U.K.-based boutique investment manager ACPI.
Over the last 10 years its larger acquisitions have included ABN Amro Switzerland as well as the client assets of Coutts International which helped boost UBP’s presence in Asia.
