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)