LONDON (ShareCast) - (Sharecast News) - Societe Generale said on Monday that it has agreed to sell its Swiss and UK private banking arms to Union Bancaire Privée (UBP), a Swiss bank specialised in wealth and asset management, for around €900m (£770.50m).
The sale is part of the execution of the French bank's "strategic roadmap targeting a streamlined, more synergetic and efficient business model, while strengthening the group's capital base".

SocGen said it intends to pursue the development strategy of its private bank by relying on its leading positions in France and abroad, in Luxembourg and Monaco, "to support its high-net-worth clients thanks to its expertise and recognised services".

The assets under management of the Swiss and UK private banking arms - SG Kleinwort Hambros and Societe Generale Private Banking Suisse - amounted to nearly €25bn at the end of December 2023.

The sale is expected to have a positive impact of around 10 basis points on the group's CET1 ratio, on the expected completion dates, which could take place by the end of the first quarter of 2025, SocGen said.

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