Union Bancaire Privée Completes Acquisition of SG Kleinwort Hambros

Deal News | Apr 02, 2025 | Zawya

Union Bancaire Privée Completes Acquisition of SG Kleinwort Hambros

Union Bancaire Privée (UBP SA) has finalized its acquisition of SG Kleinwort Hambros, previously a part of Société Générale. This strategic move significantly boosts UBP's presence in the UK and positions it as one of the largest family-owned private banks in the region, managing over GBP 20 billion in client assets. The acquired entity is now known as Union Bancaire Privée (UK) Limited. Mouhammed Choukeir has been appointed CEO, overseeing wealth management activities and integrating existing teams for a seamless transition. The transaction emphasizes UBP's dedication to global growth and commitment to offering premium wealth and asset management solutions. In addition to this, UBP had earlier acquired Société Générale Private Banking (Switzerland) Ltd, further increasing its assets under management by GBP 21.9 billion. With a well-capitalized position and a robust balance sheet, UBP is poised for continued growth and leadership in the wealth management sector.

Sectors

  • Financial Services
  • Mergers & Acquisitions

Geography

  • United Kingdom – The acquisition involves SG Kleinwort Hambros, a private banking entity with significant operations in the UK.
  • Switzerland – UBP is headquartered in Geneva, and the transaction impacts their global strategy and presence.

Industry

  • Financial Services – The article centers around a significant acquisition in the private banking sector, enhancing UBP's capabilities in wealth and asset management.
  • Mergers & Acquisitions – The article discusses a completed acquisition transaction between UBP and SG Kleinwort Hambros.

Financials

  • GBP 21.9 billion – Increase in UBP's assets under management following the acquisitions.
  • GBP 135.4 billion – UBP's total assets under management as of 31 December 2024 before the acquisition.

Participants

NameRoleTypeDescription
Union Bancaire Privée (UBP SA)AcquirerCompanyA family-owned private bank headquartered in Geneva, focusing on wealth and asset management.
SG Kleinwort HambrosTargetCompanyA private banking entity previously part of Société Générale, now acquired by UBP.
Société GénéraleSellerCompanyA French multinational investment bank and financial services company that sold SG Kleinwort Hambros to UBP.
Mouhammed ChoukeirCEO of Union Bancaire Privée (UK) LimitedPersonAppointed to lead UBP's wealth management activities in the UK and oversee the integration into UBP.