UBP to acquire ABN Amro Bank in Switzerland
Union Bancaire Privée has announced it is to buy ABN AMRO Bank (Switzerland) in a cash deal expected to be finalised by the end of this year.
The merger of the two entities, for an undisclosed sum, will bring an extra €11bn in client assets to UBP, boosting UBP’s assets by some 20%.
ABN AMRO Bank (Switzerland) AG is a pure Swiss private bank which held EUR 11 billion in client assets under management as at the end of the first quarter of 2011. It employs over 350 staff and has operations in Zurich, Geneva, Lugano, and Basle.
Guy de Picciotto, UBP’s chief executive, said: “ABN AMRO Bank Switzerland is a solid and high-quality private bank. We are very pleased with this transaction, which adds scale to our domestic platform and further strengthens our position at the forefront of the wealth management industry in Switzerland.”
Michel Longhini, executive managing director of UBP’s private banking division, said: “By putting together our complementary strengths and teams, we will be able to provide the clients of the combined group with an even broader range of high-quality wealth and investment management solutions.”
UBP is already active in over 20 locations worldwide, managing assets for both private and institutional clients.
By buying ABN Amro Bank in Switzerland, it will have more clients serviced out of Zurich, Geneva, Lugano and Basle.
It will also add around 350 staff to its own roster of 1,200 employees.