GENEVA - Monday, June 3rd 2013 [ME NewsWire]
(BUSINESS
WIRE)-- Union Bancaire Privée, UBP SA (“UBP”), one of Switzerland’s
leading private banks, is pleased to announce that it has agreed to
acquire Lloyds Banking Group’s (“Lloyds”) International Private Banking
business. This is a key step in the execution of UBP’s strategy to grow
its global presence and to expand its private banking activities.
This
acquisition further boosts 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 increase UBP’s assets under management, which stood at CHF 83.2
billion as at 30 April 2013, by more than CHF 10 billion. Following this
acquisition, UBP will continue to be one of the best-capitalised
private banks with a Tier 1 ratio above 30%.
Lloyds’ expertise in
the fields of private banking, asset management and wealth planning has
long been recognised throughout the industry. This talent ideally
complements UBP’s skills in providing wealth-management solutions to
both private and institutional clients. Moreover, Lloyds’ continuous
adaptation to the recent regulatory changes and developments is
perfectly in line with UBP’s corresponding strategy.
UBP’s CEO,
Guy de Picciotto, stated: “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. 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.”
The
transaction, carried out with the support of Caurus Partners and
MilleniumAssociates AG, remains subject to the requisite regulatory
approvals being completed.
About Union Bancaire Privée (UBP)
UBP
is a leading Swiss private bank and one of the best-capitalised banks
in Switzerland with a Tier 1 ratio of 25.7% as at 31 December 2012. The
Bank specialises in wealth management for both private and institutional
clients. Headquartered in Geneva, UBP is active in over twenty
locations around the world employing around 1,300 staff. The Bank had
CHF 80 billion (USD 87 billion) in assets under management as at the end
of 2012.
Contacts
Jérôme Koechlin, tel.:+41 58 819 26 40
Head of Corporate Communications
e-mail: jko@ubp.ch
www.ubp.com
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