This transaction is entered into at the same time as UBP’s entry into an exclusive agreement to acquire the Societe Generale’s Swiss private banking activities (Societe Generale Private Banking Suisse). Lenz & Staehelin acted as UBP’s global counsel on both transactions. 

The two transactions are a key step in the execution of UBP’s strategy to grow its global presence and its wealth management activities worldwide. They will further increase UBP’s footprint in Switzerland, and will accelerate its expansion in the UK, where UBP has been developing its activities for nearly three decades. The assets under management of the businesses covered by the two transactions amount to almost €25bn at the end of December 2023. These transactions are to be implemented at a total price of around €900m including equity.

Both transactions are expected to complete by the end of the first quarter of 2025, subject to customary conditions precedent.

The Macfarlanes team was led by corporate and M&A partner Tim Redman, with support from senior consultant William David, senior associate Dennis Mok and associate Sanjana Singh. Tax advice was provided by partner Jeremy Moncrieff and adviser Dominik Monz. Financial services regulatory advice was provided by partner Michael Sholem and senior associate Rachael Preston. Pensions advice was provided by partner Faye Jarvis and associate Scarlett Yu.

The Lenz & Staehelin team was led by partners Shelby du Pasquier and David Ledermann.

Tim Redman comments: “Congratulations to UBP on agreeing this important transaction in the private banking and wealth management sector. This will complement UBP’s recognised expertise in wealth management solutions for both private and institutional clients. We are delighted to support them and our colleagues at Lenz & Staehelin to achieve this fantastic result.”