Established in Luxembourg since 1976, BCL is a subsidiary of Carnegie Investment Bank and offers international private banking services to Nordic clients.
UBP has been present in Luxembourg since 2002 where it operates through its subsidiaries Union Bancaire Privée (Europe) S.A., active in wealth management, and UBP Asset Management (Europe) S.A. With this acquisition, UBP, whose assets under management (AUM) totalled CHF 125.3 billion as at 31 December 2017, significantly broadens its footprint in Luxembourg, where its AUM will now reach nearly CHF 24 billion, for both its private banking and its asset management activities.
Guy de Picciotto, CEO of UBP, stated: “BCL is a well-established private bank with an excellent track record."
"In a period where access to the European Union is crucial, we are extremely pleased with this transaction which reflects our desire to reinforce our presence in Luxembourg, where we have our European hub."
Furthermore, this acquisition complements UBP both geographically and culturally, bringing extensive knowledge of Nordic markets, which are key for our Bank.”
Björn Jansson, CEO of Carnegie Investment Bank, added: “The strategic rationale behind the decision serves the interests of both our clients and other stakeholders."
"UBP has the necessary capacity to further develop the products, services and operations in Luxembourg, while Carnegie can focus on its domestic markets”.
The financial terms of the transaction will not be disclosed.