|Union Bancaire Privée to acquire Lloyds Banking Group's International Private Banking business|
This acquisition further boosts UBP's standing in its core growth markets, such as the Middle East and Latin America
UAE, June 02, 2013:- Union Bancaire Privée, UBP SA (“UBP”), one of Switzerland's leading private banks, announced that it has agreed to acquire Lloyds Banking Group's (“Lloyds”) International Private Banking business. This is a key step in the execution of UBP's strategy to grow its global presence and to expand its private banking activities.
This acquisition further boosts UBP's standing both in Switzerland and in its core growth markets, such as the Middle East and Latin America. In the Middle East, UBP has offices in Dubai and Beirut.
Lloyds' expertise in the fields of private banking, asset management and wealth planning has long been recognised throughout the industry. This talent ideally complements UBP's skills in providing wealth-management solutions to both private and institutional clients. Moreover, Lloyds' continuous adaptation to the recent regulatory changes and developments is perfectly in line with UBP's corresponding strategy.
UBP's CEO, Guy de Picciotto, stated: “This acquisition further strengthens our position at the forefront of the industry and confirms our commitment to our Bank's two core businesses – international private banking and asset management. We look forward to welcoming Lloyds' teams and their expertise that we will put to use on an even larger scale. With our competitive range of private banking services and investment solutions, we are bringing our proficiency as a major Swiss and international-wealth-management player to Lloyds' private clients.”
The transaction, carried out with the support of Caurus Partners and Millenium Associates AG, remains subject to the requisite regulatory approvals being completed.
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