for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Swiss UBP to acquire Danske Bank's international wealth management business

ZURICH, July 1 (Reuters) - Swiss private bank Union Bancaire Privée <UBP) said on Thursday it was acquiring Danske Bank’s Luxembourg-based wealth management business.

“This transaction confirms our ambition to increase our footprint in Luxembourg, which became UBP’s European hub a few years ago,” Chief Executive Guy de Picciotto said in a statement.

Following the transaction, UBP’s managed assets in Luxembourg will reach around 33 billion Swiss francs ($35.63 billion), it said.

The transaction is expected to be completed in the fourth quarter pending regulatory approval, UBP said. ($1 = 0.9261 Swiss francs) (Reporting by Brenna Hughes Neghaiwi)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up