Geneva-based Union Bancaire Privée (UBP) has agreed to purchase Millennium Banque Privée – BCP (Suisse), a Swiss private bank fully owned by Banco Comercial Português (BCP).
The deal will increase UBP’s assets under management by more than $4.3m (CHF4bn). At the end of 2020, the figure totalled CHF147.4bn.
Financial terms of the all-share transaction, which awaits regulatory nod, were not divulged.
As part of the deal, UBP will absorb Millennium’s staff. UBP said that these employees will strengthen its Geneva reach and deepen its presence in selected countries, including Portugal and Brazil.
The deal is slated to close in the final quarter of this year.
Commenting on the acquisition, CEO Guy de Picciotto said: “This acquisition enables UBP to reinforce its presence in Europe as well as in key developing markets.
“We are extremely pleased to onboard skilled and experienced teams, and are looking forward to providing clients with an even broader range of high-quality wealth and investment management solutions.”
Millennium serves individual as well as institutional clients, similar to UBP.
The business, set up in Geneva in 2002, focuses on Europe, Latin America and Africa.
The sale is part of BCP’s plan to focus on core geographies.
According to the firm, the deal will support its development and create value for stakeholders.
“The impact of the transaction on the Group’s solvency ratios, estimated on a pro forma basis as of March 31, 2021, is an increase of 15 b.p. in CET1 ratio and 16 b.p. in the total capital ratio,” it stated.
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 (ACPI), a London-based wealth manager, and ACPI IM’s Jersey operations.
With assets of around £2bn, ACPI provides fixed income, equities, alternative investments and wealth management services for private and institutional investors.