Swiss private banking group EFG International has agreed to take over the Luxembourg-based private banking operations of UBI Banca International (Luxembourg) from Unione di Banche Italiane for an undisclosed sum.
EFG in a statement said that the cash transaction will boost its portfolio by about EUR3.6bn and will not have any material impact on its regulatory capital position.
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Following the completion of the deal, scheduled during the first half of 2017, the company will be integrated with EFG Bank (Luxembourg).
The deal, which is subject to regulatory nod, will exclude UBI’s branches in Madrid and Munich as well as its fiduciary and corporate banking operations.
EFG Bank (Luxembourg) CEO Konstantinos Karoumpis said: "The acquisition of UBI is a valuable addition to our business. It will significantly strengthen our position in Luxembourg and help to drive profitability. We are committed to build a leading private banking and wealth management franchise in the country and we very much look forward to welcoming UBI’s clients and employees to EFG Bank Luxembourg."
UBI delivers various private banking, wealth structuring, asset management and corporate banking services to Luxembourg’s private and corporate clients.
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