Societe Generale sells UK and Swiss private banking units to UBP for €900m.

Societe Generale agrees to sell its UK and Swiss private banking arms to Swiss bank Union Bancaire Privee (UBP) for approximately €900m (£770m). The deal will see UBP, which specializes in wealth management, take over the two divisions, which have combined total assets of €25bn (£21bn). Societe Generale aims to finalise the deals by the first quarter of next year, pending approval from relevant authorities. The bank plans to strengthen its capital base through these sales, which are part of its strategic roadmap targeting a streamlined, more synergetic and efficient business model.

August 05, 2024
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