UBP acquires Banque Carnegie Luxembourg
Geneva-headquartered financial group Union Bancaire Privée (UBP) has announced it has reached an agreement with Carnegie Investment Bank that will see Union Bancaire Privée (Europe) purchasing Banque Carnegie Luxembourg (BCL).
The deal, subject to regulatory approval, is expected to close during Q4 2018. Financial terms of the transaction have not been disclosed.
Established in Luxembourg since 1976, BCL is a subsidiary of Carnegie Investment Bank and provides international private banking services to Nordic clients while UBP has been present in Luxembourg since 2002 through Union Bancaire Privée (Europe) and UBP Asset Management (Europe).
Following the deal, UBP’s assets under management in Luxembourg will amount to CHF24bn (€20.8bn) for its private banking and asset management businesses.
Commenting the acquisition, Guy de Picciotto, CEO of UBP, said: “BCL is a well-established private bank with an excellent track record. In a period where access to the European Union is crucial, we are extremely pleased with this transaction which reflects our desire to reinforce our presence in Luxembourg, where we have our European hub. Furthermore, this acquisition complements UBP both geographically and culturally, bringing extensive knowledge of Nordic markets, which are key for our bank.”
Björn Jansson, CEO of Carnegie Investment Bank, added: “The strategic rationale behind the decision serves the interests of both our clients and other stakeholders. UBP has the necessary capacity to further develop the products, services and operations in Luxembourg, while Carnegie can focus on its domestic markets.”
UBP had assets under management of CHF125.3bn (€108.8bn) as at 31 December 2017,