Mon, Apr 21, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Union Bancaire Privée to acquire Lloyds Banking Group’s International Private Banking business

Wednesday, May 29, 2013
Opalesque Industry Update - Swiss private bank Union Bancaire Privée, UBP SA (“UBP”) has announced 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 wealthmanagement 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-wealthmanagement 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.

Press release

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably