Europe, Financial, News

EFG Buys Luxembourg Private Bank of UBI Banca

EFG Buys Luxembourg Private Bank of UBI Banca

EFG International AG, in its second deal this year, has agreed to buy the Luxembourg-based private banking activities of UBI Banca International SA with 3.6 billion euros ($4.1 billion) of client assets. EFG didn’t disclose the price of the latest private bank acquisition, a cash deal expected to be completed in the first half of 2017. It said bank’s capital position won’t be affected.

“EFG International AG, in its second deal this year, has agreed to buy the Luxembourg-based private banking activities of UBI Banca International SA with 3.6 billion euros ($4.1 billion) of client assets”

-Bloomberg

UBI offers private banking, wealth structuring, asset management and corporate banking services to private and corporate clients in Luxembourg. Its branches in Madrid and Munich are excluded from the transaction, as are its fiduciary and corporate banking activities, EFG said in the statement.

Related Reports: Bloomberg, Reuters

 

About EFG International

EFG International AG is a Switzerland-based company engaged in the banking and investment services sector. The Company offers private banking and asset management services. It operates through three main business segments: Private Banking and Wealth Management, Asset Management, and Investment and Wealth Solutions. The Private Banking and Wealth Management segment is managed on a regional basis and split into Continental Europe, Switzerland, the Americas, the United Kingdom, and Asia. The Continental Europe region includes private banking operations in continental Europe, with the exception of Switzerland. The Americas region includes the United States, Canada, the Bahamas and the Cayman Islands; and PRS business. The Asia region includes Hong Kong, Singapore and Taiwan. The Asset Management segment includes EFG Asset Management business on a global basis. The Investment and Wealth Solutions segment includes Private Client Trust services and Institutional Fund Administration services.

Visit: EFG International

 

About UBI Banca International

The Bank, with its international expertise developed in more than ten years of activity in the Luxembourg market, is today at the crossroad of most of the cross-border business generated by the UBI Banca Group, a multi-regional group deeply rooted into the Italian economic environment.  The product range extends from traditional lending and banking services to a tailor-made service of private banking, asset management, corporate finance and fiduciary contracts, designed to meet the major needs of our private and corporate clients in their cross-border activity.  UBI Banca International S.A. is fully committed in developing a longterm relationship of trust and in providing an outstanding and highly personalised level of service to its clientele.  The multilingual staff, with its long-standing international experience, advises, on a one-to-one relationship, our international clientele representing 50 different countries worldwide and total assets in excess of three billion Euro.

Visit: UBI Banca International


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