Union Bancaire Privée, UBP SA (UBP) and Societe Generale said today (5 August) that they have entered into two exclusive agreements whereby UBP will 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.

This was "a key step" in the execution of UBP’s strategy to grow its global presence and its wealth management activities worldwide, the statement said.

This acquisition would further increase the Bank’s footprint in Switzerland, and would accelerate its expansion in the UK, where UBP has been developing its activities for nearly three decades, in both wealth and asset management.

With this acquisition, UBP will increase its assets under management, which stood at CHF 150.8bn as at 30 June 2024, by more than CHF 25bn.

Societe Generale Private Banking Suisse and SG Kleinwort Hambros’ expertise in the fields of private banking, asset management and wealth planning has long been recognised throughout the industry. It is an ideal complement to UBP’s know-how in wealth management solutions for both private and institutional clients. The onboarding of these teams will also contribute to broadening UBP’s presence in selected jurisdictions, once the requisite regulatory licences have been granted, including in the Channel Islands and Gibraltar.

UBP’s CEO, Guy de Picciotto (pictured), said: “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. 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.”

Societe Generale said the deal was part of its "strategic roadmap targeting a streamlined, more synergetic and efficient business model, while strengthening the Group’s capital base. Societe Generale 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 thanks to its expertise and recognised services."