May 31, 2018 / 11:48 AM / in 18 days

Swiss private bank UBP buys Carnegie's Luxembourg arm

ZURICH (Reuters) - Swiss private bank and asset manager Union Bancaire Privee has agreed to buy Carnegie Investment Bank AB unit Banque Carnegie Luxembourg SA (BCL), the parties said on Thursday without revealing financial terms.

The transaction is set to close during the fourth quarter of 2018 pending regulatory approval.

UBP, whose assets under management totaled 125.3 billion Swiss francs ($127 billion) at the end of last year, is broadening its footprint in Luxembourg, where its assets under management will now reach nearly 24 billion francs for both its private banking and its asset management activities, it said.

Established in Luxembourg in 1976, BCL offers international private banking services to Nordic clients.

“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,” UBP Chief Executive Guy de Picciotto said.

“Furthermore, this acquisition complements UBP both geographically and culturally, bringing extensive knowledge of Nordic markets, which are key for our bank.”

Bjoern Jansson, chief executive of Carnegie Investment Bank, said: “UBP has the necessary capacity to further develop the products, services and operations in Luxembourg, while Carnegie can focus on its domestic markets”.

Reporting by Michael Shields; Editing by Edmund Blair

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