Union Bancaire Privée (UBP) has announced the successful completion of its acquisition of UK-based SG Kleinwort Hambros from Societe Generale.
As a result, SG Kleinwort Hambos will become Union Bancaire Privée (UK) Limited.
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UBP now manages over £20bn of client assets in the UK and will be lead by Mouhammed Choukeir, CEO of Union Bancaire Privée (UK). He will be in charge of all of UBP’s wealth activity in the UK, Channel Islands and Gibraltar.
Furthermore, merging the SG Kleinwort Hambros and UBP teams strengthens the expertise available to the bank.
UBP’s CEO, Guy de Picciotto, said: “This acquisition is a defining moment for UBP. It reaffirms our long-term commitment to the UK. With our combined expertise, we are building a powerful platform for future growth, innovation, and leadership in wealth and asset management. Our clients will continue to enjoy the same personalised approach they value, with the added benefit of even greater expertise and more personalised solutions.”
Choukeir added: “Becoming UBP is a fantastic result for our clients and teams. The integration of the two organisations, combined with the Bank’s global presence, deep expertise in wealth and asset management, and entrepreneurial spirit, positions us well to deliver exceptional solutions for clients. This acquisition is not just a milestone for UBP; it’s an opportunity to drive long-term growth and further solidify our commitment to delivering excellence in everything we do.”
Alongside the acquisition of SG Kleinwort Hambros, UBP also acquired Societe Generale Private Banking (Switzerland), a transaction which was completed in January 2025.
As a result, UBP’s total assets under management, which stood at £135.4bn (CHF154.4bn) as of 31 December 2024, will increase by more than £21.9bn (CHF25bn).
