The private bank UBP is taking over the Swiss asset management business of Société Générale. It is also buying SG Kleinwort Hambros, which operates in the UK, from the major French bank. +Get the most important news from Switzerland in your inbox In total, the acquisition of the two Société Générale subsidiaries will bring Union Bancaire Privée assets under management of around CHF25 billion, as detailed in UBP's press release on Monday. While UBP does not state a purchase price in its press release, Société Générale's press release mentions a sales price of around €900 million. + Switzerland's wealth crown up for grabs The takeover of the two companies Société Générale Private Banking Suisse and SG Kleinwort Hambros is to be completed at the beginning of next year. Specifically, UBP will take over all operating activities of the two legal entities, including all client portfolios and all employees. In the press release, UBP writes that Société Générale Private Banking Suisse and ...
