UBP buys Banco Comercial Português's Swiss private bank

The logo of Union Bancaire Privee (UBP) bank is seen at a branch office in Zurich, Switzerland September 24, 2020. REUTERS/Arnd Wiegmann/Files

ZURICH (Reuters) - Union Bancaire Privée (UBP) has agreed to buy Banco Comercial Português SA’s Swiss private bank, the partners said on Tuesday, without giving financial terms for the deal.

The acquisition of Millennium Banque Privée-BCP (Suisse) SA is set to close this year pending regulatory approval, the partners said in a statement.

Founded in Geneva in 2002, Millennium specialises in private banking services for individual and institutional clients, with a focus on Europe, Latin America and Africa.

The deal adds more than 4 billion Swiss francs ($4.35 billion) in assets under management for UBP. They had stood at 147.4 billion francs at the end of last year.

“The onboarding of Millennium Banque Privée’s teams will contribute to broadening UBP’s footprint in selected countries, including Portugal and Brazil, and will reinforce the bank’s capabilities in Geneva,” a statement said.

($1 = 0.9204 Swiss francs)

Reporting by Michael Shields; Editing by Kirsten Donovan