Sat, Nov 29, 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   |   
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. Unlucky Paulson & Co. rebrands $1.6bn Recovery Fund after 13% drop[more]

    From Businessweek.com: A maturing U.S. economic recovery is prompting Paulson & Co. to change course. The $19 billion hedge fund firm, led by billionaire John Paulson, told investors on a conference call this month that the Paulson Recovery Fund will be renamed Paulson Special Situations Fund on Jan

  2. Opalesque Roundtable: Islamic Finance races ahead with Sukuk, the first managed account platform, and foreign demand[more]

    Komfie Manalo, Opalesque Asia: A number of developments took place within Islamic finance in the past years, including the launch of a Islamic managed account platform and the further growth of the sukuk space that saw this instrument evolve from being a type of an ABS security that was rarely

  3. Fund Profile - A complex hedge fund strategy works for United Technologies[more]

    From Institutionalinvestor.com: Reports that portable alpha is dead have been greatly exaggerated, as Mark Twain might have phrased it. Another Connecticut Yankee, giant United Technologies Corp., is gearing up to grow its successful, nearly decade-long portable-alpha program. The UTC strategy took

  4. Opalesque Exclusive: The unintended consequences of Basel III[more]

    Benedicte Gravrand, Opalesque Geneva: Bijesh Amin, co-founder and managing director of Indus Valley Partners (IVP), a technology solutions and services firm focused on the alternative asset management industry, has recently observed

  5. Legal - Six years after AIG takeover, lawsuit reveals another potential buyer[more]

    From Institutional investor.com: When former Treasury secretary Henry (Hank) Paulson Jr. testified in a suit last month about the U.S. government takeover of American International Group, his words were — mostly — numbingly familiar. Explaining the “punitive” terms set for the September 2008 bailout