Union Bancaire Privée, UBP SA (UBP) has completed its acquisition of SG Kleinwort Hambros from Societe Generale, marking a "significant milestone" in the bank’s international growth strategy.

Effective today (1 April), SG Kleinwort Hambros becomes Union Bancaire Privée (UK) Limited, with Mouhammed Choukeir appointed as its chief executive officer.

He will lead all of UBP’s Wealth Management activities in the UK, Channel Islands, and Gibraltar and steer the integration of the teams while defining a strategy for integrated wealth and asset management solutions for both domestic and international clients.

All UBP London-based teams will move into a new office in Marylebone later this year.

With this transaction, UBP becomes one of the UK’s largest family-owned pure-play private banks, managing over £20bn of client assets with offices in London and other key locations across Great Britain, in addition to Guernsey, Jersey, and Gibraltar.

The integration of SG Kleinwort Hambros’ experienced teams into UBP’s UK operations further strengthens the bank’s expertise in delivering tailored wealth and asset management solutions for private and institutional clients, the statement continued. UBP has maintained a presence in the UK for nearly three decades.

UBP’s CEO, Guy de Picciotto, said: "This acquisition is a defining moment for UBP. It reaffirms our long-term commitment to the UK. With our combined expertise, we are building a powerful platform for future growth, innovation, and leadership in wealth and asset management. Our clients will continue to enjoy the same personalised approach they value, with the added benefit of even greater expertise and more personalised solutions."

Mouhammed Choukeir, CEO of Union Bancaire Privée (UK) Limited, added: “Becoming UBP is a fantastic result for our clients and teams. The integration of the two organisations, combined with the Bank’s global presence, deep expertise in wealth and asset management, and entrepreneurial spirit, positions us well to deliver exceptional solutions for clients. This acquisition is not just a milestone for UBP; it’s an opportunity to drive long-term growth and further solidify our commitment to delivering excellence in everything we do.”

As a family-owned and-managed Bank, UBP operates from more than 25 offices worldwide with a team of 2,140 professionals (as of 31 December 2024).

Alongside the acquisition of SG Kleinwort Hambros, UBP also acquired Societe Generale Private Banking (Switzerland) Ltd, a transaction which was completed in January 2025.

As a result, UBP’s total assets under management, which stood at £135.4bn as of 31 December 2024, will increase by more than £21.9bn.