Swiss private bank Union Bancaire Privee (UBP) has agreed to acquire Banque Carnegie Luxembourg (BCL), the private banking unit of Carnegie Investment Bank, for an undisclosed sum.

BCL, set up in 1976 in Luxembourg, serves Nordic clients.

Carnegie Investment Bank CEO Bjorn Jansson said: “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.”

UBP has been operating in Luxembourg since 2002 through its subsidiaries Union Bancaire Privee (Europe) and UBP Asset Management (Europe). The acquisition of Carnegie will boost UBP’s assets in Luxembourg to around CHF24bn.

UBP CEO Guy de Picciotto said: “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.”

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The deal is expected to be completed in the fourth quarter of this year, subject to regulatory nod.