French banking large Societe Generale introduced Monday that it was promoting two subsidiaries – one within the U.Okay. and the opposite in Switzerland – to UBP, one of many largest non-public banks in Switzerland, for round 900 million euros ($984 million).
“Societe Generale has signed agreements with Union Bancaire Privee, UBP SA (UBP), a Swiss bank specialized in wealth and asset management, for the sale of SG Kleinwort Hambros and Societe Generale Private Banking Suisse operating respectively in the U.K. and Switzerland,” the financial institution mentioned in a press release.
“The assets under management of the businesses covered by these agreements amount to almost 25 billion euros,” it added.
The financial institution hoped the offers can be finalized by the primary quarter of subsequent yr after approval by the related authorities.
“These sales are part of the execution of Societe Generale’s strategic roadmap, which targets a streamlined, more synergetic, and efficient business model while strengthening the Group’s capital base,” the financial institution mentioned.
“Societe Generale 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.”
Source: www.dailysabah.com