Union Bancaire Privée To Acquire Millennium Banque Privée - BCP (Suisse) SA
Union Bancaire Privée is acquiring Millennium Banque Privée - BCP (Suisse) SA, a private bank owned by Banco Comercial Português. The transaction, which is a share deal, is subject to the approval of the relevant regulatory bodies and is expected to complete during the fourth quarter of 2021.
The deal will see UBP increase its assets under management, which stood at CHF 147.4bn as at 31 December 2020, by more than CHF 4bn. The onboarding of Millennium Banque Privée’s teams will contribute to broadening UBP’s footprint in selected countries, including Portugal and Brazil.
Guy de Picciotto, CEO of UBP, 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.”
No financial terms of the transaction were disclosed.
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