 |
|
Union Bancaire Privée, UBP SA to acquire ABN AMRO Bank (Switzerland) AG
| Posted: 01.09.2011 01:51 | |
by: paulbank | |
Readed: 76 |
|
Geneva, 16 August 2011
Union Bancaire Privée, UBP SA and ABN AMRO Bank N.V. have announced today that they have entered into an agreement whereby UBP will acquire ABN AMRO Bank (Switzerland) AG. The cash transaction is subject to the usual completion conditions and the approval of the relevant regulatory bodies. It is expected to be finalised during the fourth quarter of 2011.
Guy de Picciotto, CEO of UBP, stated: “ABN AMRO Bank (Switzerland) AG is a solid and high-quality private bank. We are very pleased with this transaction which adds scale to our domestic platform and further strengthens our position at the forefront of the wealth management industry in Switzerland.” 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.”
ABN AMRO Bank (Switzerland) AG is a pure Swiss private bank which held EUR 11 billion in client assets under management as at the end of the first quarter of 2011. It employs over 350 staff and has operations in Zurich, Geneva, Lugano, and Basle. With this acquisition, UBP adds 20% to its overall assets under management and expands its core Swiss private banking business.
The financial terms of the transaction will not be disclosed.
For any further information, please contact
Jérôme Koechlin, Head of Corporate Communications, tel.:+41 (0) 58 819 26 40, e-mail: jko@ubp.ch
www.ubp.com
ABN AMRO is an all-round bank servicing retail, private and commercial banking clients. With a strong foundation in the Netherlands, it is also internationally active in a number of specialist activities such as energy, commodities & transportation, clearing and collateralised finance. In private banking, it is a market leader in the Netherlands and serves clients in 13 countries and territories. |
|
About the Author:
UBP is a leading Swiss private bank and one of the best-capitalised banks in Switzerland with a tier 1 ratio in excess of 24% (as at the end of 2010). Headquartered in Geneva, UBP is active
|
|
Related Articles
 |
Commodities Monthly
Precious metal mining equities underperformed their metal equivalents by at least 20 percentage points over the first three quarters of 2011, which has led many investors to reconsider whether they should take exposure to metals via mining equities. ...[Read more]
Article added: 30.11.2011 01:50
|
|
|
|
Outlook 2012: Beyond Black Swans
2011 was the year of black swans – those highly improbable occurrences that turn the world economy on its head. So what black swans could be in store for 2012? Central banks losing control over inflation, as a result of their policy of monetising sovereig ...[Read more]
Article added: 19.12.2011 04:55
|
|
| |
|
|
