Union Bancaire Privée acquires Lloyds Group’s private banking

Union Bancaire Privée (UBP) has announced the acquisition of Lloyds Banking Group’s International Private Banking business.

The acquisition seeks to boost UBP’s standing both in Switzerland and in its core growth markets, such as the Middle East and Latin America.

Once the requisite regulatory licences have been granted, Monaco and Gibraltar will become part of UBP’s global footprint.

The transaction will also increase UBP’s assets under management, which stood at CHF83.2bn as at 30 April 2013, by more than CHF10bn.

The move aims to add Lloyds’ widely acknowledged expertise in private banking, asset management and wealth planning to UBP’s skills in providing wealth-management solutions to private and institutional clients.

“This acquisition further strengthens our position at the forefront of the industry and confirms our commitment to our Bank’s two core businesses – international private banking and asset management,” UBP’s CEO Guy de Picciotto said.

“We look forward to welcoming Lloyds’ teams and their expertise that we will put to use on an even larger scale.

“With our competitive range of private banking services and investment solutions, we are bringing our proficiency as a major Swiss and international-wealth-management player to Lloyds’ private clients,” he added.

The transaction was carried out with the support of Caurus Partners and MilleniumAssociates AG and remains subject to the requisite regulatory approvals being completed.

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