Netherlands-headquartered ABN AMRO Bank has sold its Swiss
private banking business to Union Bancaire Privée (UBP) in a bid to
focus on a growth in Asian markets.
In July, PBI speculated on ABN AMRO’s sale and
reported that Vontobel was among potential buyers of the Swiss
subsidiary.
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It was thought, at the time, that the price tag for ABN’s Swiss
unit would be between CHF100m ($128m) and CHF150m.
However both banks declined to disclose the financial terms of
the transaction.
More Swiss sell-offs to come?
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By GlobalDataThe sale is the latest sign that global private banks are being
forced to carefully consider their Swiss operations as currency
fluctuations and rising operating costs bite into the profits (see
news analysis, facing page).
ABN AMRO said the sell-off followed a strategic review that
decided to focus the bank’s private banking activities on
strengthening its top three spot in the Eurozone and to accelerate
its growth in Asian markets – centred on its offices in Hong Kong
and Singapore.
UBP gets 20% AuM boost
As a result of the acquisition, UBP will grow its book by €11bn
($16bn) in client assets under management (AuM) and will add 20% to
its overall AuM. It also includes about 350 staff in Zurich,
Geneva, Lugano, and Basle.
The planned sale is subject to certain conditions being met,
including approval by the relevant regulatory and merger control
authorities. Final closing is expected in the fourth quarter of
2011.
