Swiss Bank UBP enters into agreements to acquire Societe Generale’s international private banking operations in Switzerland and the UK

On 5 August 2024, Union Bancaire Privée, UBP SA (UBP) announced that it has entered into two exclusive agreements to acquire Societe Generale’s Swiss private banking activities (Societe Generale Private Banking Suisse) as well as its UK and Channel Islands wealth management arm (SG Kleinwort Hambros). Lenz & Staehelin acted as UBP’s global counsel for both transactions, whereas Macfarlanes advised UBP on all English law aspects. The acquisitions are expected to be completed by the end of the first quarter of 2025, subject to customary conditions precedent.

With these transactions, UBP increases its footprint in Switzerland while pursuing its expansion strategy in the UK where the Bank has been present for nearly three decades, both in wealth and asset management activities.

The assets under management of the businesses covered by the agreements amount to almost CHF 25 billion at the end of December 2023. These transactions are to be implemented at a total consideration of around CHF 900 million including equity.

The Lenz & Staehelin team was led by Shelby du Pasquier and David Lederman, with support from Manuela Scerri, Eleni Cristou and Coraline Jenny, as well as Benoît Merkt.

The Macfarlanes team was led by corporate and M&A partner Tim Redman, with support from senior consultant William David, senior associate Dennis Mok and associate Sanjana Singh.