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Swiss UBP to acquire Danske Bank's international wealth management business - Metro US

Swiss UBP to acquire Danske Bank’s international wealth management business

Logo of Union Bancaire Privee bank is seen in Zurich

ZURICH (Reuters) – Swiss private bank Union Bancaire Privée <UBP) said on Thursday it was acquiring Danske Bank’s Luxembourg-based wealth management business.

“This transaction confirms our ambition to increase our footprint in Luxembourg, which became UBP’s European hub a few years ago,” Chief Executive Guy de Picciotto said in a statement.

Following the transaction, UBP’s managed assets in Luxembourg will reach around 33 billion Swiss francs ($35.63 billion), it said.

The transaction is expected to be completed in the fourth quarter pending regulatory approval, UBP said.

($1 = 0.9261 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi)

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