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July 2, 2021

UBP to buy Danske Bank’s wealth management business in Luxembourg

By Verdict Staff

Union Bancaire Privée (UBP) has signed a deal to buy Danske Bank’s wealth management business in Luxembourg, operating through Danske Bank International (DBI).

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
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  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
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by GlobalData
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The Swiss private bank is acquiring DBI through its Europe unit in an asset deal.

The transaction, whose financial details have not been disclosed, is expected to be completed in the fourth quarter of the year subject to receipt of regulatory approvals.

DBI, which has a presence Luxembourg since 1976, specialises in international private banking.

It mainly serves ultra-high-net-worth (UHNW) private clients from Nordic countries, who lives outside of their native countries, especially in Europe.

The company is said to have clients in nearly 60 countries globally.

UBP established its footprint in Luxembourg in 2002. It operates in the region through its wealth management subsidiary Union Bancaire Privée (Europe) and UBP Asset Management (Europe).

The deal will enable the company to bolster its activities in Luxembourg while increasing its assets under management (AUM) in the region to $35.63bn (CHF33bn).

It comes a few days after UBP announced its agreement to purchase Millennium Banque Privée – BCP (Suisse), a Swiss private bank fully owned by Banco Comercial Português.

UBP CEO Guy Picciotto said that the latest acquisition is an opportunity to strengthen the company’s growth strategy on the Nordics.

Danske Bank head of personal & business customers Glenn Söderholm added: “With UBP, we are confident that we have found the right partner for our customers, a partner who will continue to meet their individual needs with the highest possible quality, and at the same time be a good employer for our skilled and dedicated employees.”

UBP has a workforce of 1,812, who operate out of more than 20 locations across the globe.

In 2018, the private bank announced the acquisition of ACPI Investments, a London-based wealth manager, and ACPI IM’s Jersey operations.

Free Report
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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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