UBP acquires Danske's wealth management arm in Luxembourg
Swiss private bank Union Bancaire Privée (UBP) has acquired Danske Bank’s wealth management business in Luxembourg, UBP said in a statement on Thursday.
The value of the transaction, which is expected to be completed towards the end of the year pending regulatory approval, has not been disclosed.
With the deal, UBP will hold almost 33 billion CHF (€30 billion) in assets under management in Luxembourg, where it has had a presence since 2002 through its asset management and private banking arms. Headquartered in Geneva, it employs more than 1,800 staff in over 20 locations worldwide.
Guy de Picciotto, the CEO of UBP, said the acquisition was designed at increasing “our footprint in Luxembourg, which became UBP’s European hub a few years ago”.
De Picciotto had previously said UBP would focus more resources on Luxembourg in the wake of Britain's departure from the European Union.
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