Union Bancaire Privée has today announced that it will purchase the Swiss arm of Dutch state-owned bank ABN Amro Bank.
The cash transaction will see Swiss private bank UBP complete the purchase of ABN Amro Bank (Switzerland) AG during the fourth quarter of 2011, subject to conditions and approval of relevant regulatory bodies.
ABN Amro Bank (Switzerland) AG is a pure Swiss private bank, with operations in Zurich, Geneva, Lugano and Basle. At the end of the first quarter of 2011 it had €11 billion in client assets under management.
Guy de Picciotto, chief executive officer of UBP, said: ‘ABN AMRO Bank (Switzerland) is a solid and high-quality private bank. This transaction adds scale to our domestic platform and further strengthens our position at the forefront of the wealth management industry in Switzerland.’
The acquisition will see UBP add 20% to its overall assets under management and expands its core Swiss private banking business.
Michel Longhini, executive managing director of UBP’s Private Banking division, added: ‘By putting together our complementary strengths and teams, we will be able to provide the clients of the combined group with an even broader range of high-quality wealth and investment management solutions.’
The parties said that financial terms of the transaction will not be disclosed.